Spear Advisors LLC Purchases Shares of 81,349 Credo Technology Group Holding Ltd. $CRDO

Spear Advisors LLC purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 4th quarter, HoldingsChannel reports. The fund purchased 81,349 shares of the company’s stock, valued at approximately $11,705,000. Credo Technology Group makes up about 8.2% of Spear Advisors LLC’s holdings, making the stock its 3rd largest holding.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Crewe Advisors LLC raised its position in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the last quarter. Reflection Asset Management purchased a new position in shares of Credo Technology Group in the 4th quarter valued at approximately $25,000. Atlantic Union Bankshares Corp purchased a new position in shares of Credo Technology Group in the 3rd quarter valued at approximately $25,000. Acumen Wealth Advisors LLC purchased a new position in shares of Credo Technology Group in the 4th quarter valued at approximately $25,000. Finally, First Horizon Corp purchased a new position in shares of Credo Technology Group in the 3rd quarter valued at approximately $26,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRDO has been the subject of several research analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a research report on Wednesday, April 15th. Barclays reissued an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a research report on Thursday, January 15th. Rosenblatt Securities raised their price objective on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Stifel Nicolaus set a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Finally, Weiss Ratings lowered Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $207.71.

Insider Activity

In related news, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $152.63, for a total transaction of $1,156,935.40. Following the completion of the transaction, the chief financial officer owned 433,678 shares in the company, valued at approximately $66,192,273.14. The trade was a 1.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $178.99, for a total value of $4,922,225.00. Following the completion of the transaction, the chief technology officer directly owned 6,024,870 shares in the company, valued at $1,078,391,481.30. This trade represents a 0.45% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 386,608 shares of company stock valued at $50,371,351 in the last 90 days. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $198.57 on Wednesday. The business has a 50-day simple moving average of $135.15 and a 200-day simple moving average of $141.83. Credo Technology Group Holding Ltd. has a one year low of $55.75 and a one year high of $213.80. The company has a market cap of $36.63 billion, a PE ratio of 110.32 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The firm’s quarterly revenue was up 201.5% on a year-over-year basis. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.