Gables Capital Management Inc. Makes New $604,000 Investment in Credo Technology Group Holding Ltd. $CRDO

Gables Capital Management Inc. bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 4th quarter, Holdings Channel reports. The institutional investor bought 4,200 shares of the company’s stock, valued at approximately $604,000.

Other hedge funds have also recently made changes to their positions in the company. NewEdge Advisors LLC increased its stake in shares of Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after buying an additional 3,972 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after buying an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after buying an additional 7,107 shares during the period. CW Advisors LLC acquired a new position in shares of Credo Technology Group in the second quarter valued at approximately $288,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after buying an additional 333 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CRDO has been the subject of several recent research reports. Jefferies Financial Group initiated coverage on Credo Technology Group in a research note on Monday, April 13th. They issued a “buy” rating and a $175.00 price objective for the company. Roth Mkm lowered their price objective on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. The Goldman Sachs Group upped their price objective on Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Weiss Ratings downgraded Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, April 24th. Finally, Craig Hallum reissued a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a research note on Tuesday, March 3rd. One investment 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 company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $207.71.

Credo Technology Group Trading Down 9.2%

Shares of CRDO stock opened at $156.27 on Tuesday. The stock has a market cap of $28.82 billion, a price-to-earnings ratio of 86.82 and a beta of 3.17. The stock has a 50-day moving average of $140.62 and a 200-day moving average of $142.39. Credo Technology Group Holding Ltd. has a 1-year low of $57.21 and a 1-year high of $213.80.

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

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $152.63, for a total transaction of $1,156,935.40. Following the sale, the chief financial officer owned 433,678 shares in the company, valued at $66,192,273.14. This represents a 1.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 6,149 shares of the company’s stock in a transaction dated Sunday, April 5th. The shares were sold at an average price of $101.45, for a total value of $623,816.05. Following the sale, the chief executive officer owned 222,311 shares in the company, valued at approximately $22,553,450.95. The trade was a 2.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 386,608 shares of company stock worth $50,371,351. Corporate insiders own 11.84% of the company’s stock.

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.