MRA Advisory Group Invests $1.47 Million in Credo Technology Group Holding Ltd. $CRDO

MRA Advisory Group acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 5,405 shares of the company’s stock, valued at approximately $1,470,000.

Several other large investors have also bought and sold shares of CRDO. Reflection Asset Management bought a new position in Credo Technology Group in the fourth quarter valued at about $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group during the fourth quarter worth about $25,000. Flagship Harbor Advisors LLC bought a new position in shares of Credo Technology Group in the fourth quarter worth about $32,000. AlphaCentric Advisors LLC bought a new position in shares of Credo Technology Group in the first quarter worth about $33,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at approximately $36,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRDO has been the topic of several research reports. Jefferies Financial Group lifted their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Wall Street Zen lowered shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Finally, Rosenblatt Securities upped their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $266.17.

Credo Technology Group Trading Up 8.4%

Shares of CRDO stock opened at $249.89 on Friday. The business’s 50-day moving average price is $237.43 and its 200-day moving average price is $174.54. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The firm has a market capitalization of $46.60 billion, a price-to-earnings ratio of 100.76, a PEG ratio of 1.05 and a beta of 3.23.

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

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 27,473 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the transaction, the chief technology officer owned 5,772,397 shares of the company’s stock, valued at approximately $1,209,490,343.41. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Tung Lam sold 55,441 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the transaction, the chief operating officer directly owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. The trade was a 2.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 435,076 shares of company stock valued at $101,043,506 in the last ninety days. 11.84% of the stock is currently owned by insiders.

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.