Princeton Global Asset Management LLC Has $1.57 Million Stock Position in Credo Technology Group Holding Ltd. $CRDO

Princeton Global Asset Management LLC lifted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 22.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,758 shares of the company’s stock after acquiring an additional 3,079 shares during the quarter. Princeton Global Asset Management LLC’s holdings in Credo Technology Group were worth $1,573,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. NewEdge Advisors LLC boosted its holdings in 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 acquiring an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. increased its position in 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 worth $61,235,000 after purchasing an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares during the last quarter. CW Advisors LLC acquired a new position in Credo Technology Group during the 2nd quarter valued at about $288,000. Finally, EverSource Wealth Advisors LLC lifted its position in Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after purchasing an additional 333 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several analyst reports. Jefferies Financial Group lifted their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Evercore initiated coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Bank of America upped their target price on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Finally, Rosenblatt Securities increased their price target on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $263.11.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $238.44 on Monday. The company’s 50 day simple moving average is $213.03 and its 200 day simple moving average is $157.10. Credo Technology Group Holding Ltd. has a fifty-two week low of $84.25 and a fifty-two week high of $308.67. The firm has a market capitalization of $44.47 billion, a price-to-earnings ratio of 96.15, a PEG ratio of 1.09 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business’s quarterly revenue was up 157.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.20 earnings per share. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Activity

In related news, CEO William Joseph Brennan sold 54,984 shares of the company’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $218.57, for a total value of $12,017,852.88. Following the completion of the sale, the chief executive officer owned 367,327 shares in the company, valued at $80,286,662.39. This represents a 13.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Daniel W. Fleming sold 40,000 shares of the firm’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. The trade was a 7.38% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 416,884 shares of company stock valued at $77,492,368 in the last quarter. Company insiders own 11.84% of the company’s stock.

Credo Technology Group 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.