State of Wyoming Purchases 2,888 Shares of Credo Technology Group Holding Ltd. $CRDO

State of Wyoming lifted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 105.8% in the first quarter, Holdings Channel reports. The institutional investor owned 5,617 shares of the company’s stock after acquiring an additional 2,888 shares during the period. State of Wyoming’s holdings in Credo Technology Group were worth $527,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Crewe Advisors LLC grew its stake in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares in the last quarter. Reflection Asset Management acquired a new stake in Credo Technology Group in the 4th quarter worth about $25,000. Acumen Wealth Advisors LLC acquired a new stake in Credo Technology Group in the 4th quarter worth about $25,000. Flagship Harbor Advisors LLC acquired a new stake in Credo Technology Group in the 4th quarter worth about $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in Credo Technology Group in the 4th quarter valued at about $36,000. Institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the transaction, the chief financial officer owned 504,708 shares in the company, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Fariba Danesh sold 1,100 shares of the business’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total value of $259,974.00. Following the transaction, the director directly owned 7,017 shares of the company’s stock, valued at $1,658,397.78. This trade represents a 13.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 302,162 shares of company stock valued at $70,897,646 over the last ninety days. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Down 9.9%

Shares of Credo Technology Group stock opened at $213.15 on Friday. The company has a market cap of $39.75 billion, a PE ratio of 85.95, a price-to-earnings-growth ratio of 1.08 and a beta of 3.20. The company has a 50 day moving average of $235.28 and a 200-day moving average of $169.88. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same period last year, the firm posted $0.20 earnings per share. Research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Evercore initiated coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They set an “outperform” rating and a $325.00 target price on the stock. Stifel Nicolaus boosted their price target on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Susquehanna increased their price target on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday. Finally, Jefferies Financial Group raised their price objective on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $266.17.

About Credo Technology Group

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.