Credo Technology Group Holding Ltd. $CRDO Stock Acquired by Kieckhefer Group LLC

Kieckhefer Group LLC increased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 74.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,780 shares of the company’s stock after buying an additional 11,823 shares during the quarter. Credo Technology Group accounts for approximately 2.2% of Kieckhefer Group LLC’s holdings, making the stock its 9th biggest position. Kieckhefer Group LLC’s holdings in Credo Technology Group were worth $5,411,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Bank of America Corp DE lifted its stake in Credo Technology Group by 13.7% in the 2nd quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock worth $593,603,000 after acquiring an additional 262,479 shares in the last quarter. Corient Private Wealth LLC grew its stake in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after acquiring an additional 3,597,318 shares in the last quarter. Atreides Management LP grew its stake in Credo Technology Group by 3.5% during the 2nd quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock valued at $307,109,000 after acquiring an additional 38,052 shares in the last quarter. Barclays PLC increased its holdings in shares of Credo Technology Group by 33.8% in the 4th quarter. Barclays PLC now owns 1,448,004 shares of the company’s stock valued at $208,353,000 after purchasing an additional 365,923 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Credo Technology Group by 192.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock valued at $98,290,000 after purchasing an additional 688,596 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In other news, COO Yat Lam sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $205.22, for a total transaction of $10,261,000.00. Following the sale, the chief operating officer directly owned 2,254,169 shares in the company, valued at approximately $462,600,562.18. The trade was a 2.17% decrease in their ownership of the stock. The transaction 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction on Tuesday, October 6th. The shares were sold at an average price of $221.48, for a total value of $6,090,700.00. Following the completion of the transaction, the chief technology officer owned 5,634,897 shares of the company’s stock, valued at $1,248,016,987.56. The trade was a 0.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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. In the last ninety days, insiders have sold 428,376 shares of company stock valued at $87,012,128. Company insiders own 9.06% of the company’s stock.

Credo Technology Group Trading Down 3.4%

NASDAQ CRDO traded down $6.83 during trading on Tuesday, hitting $194.01. 6,418,052 shares of the company traded hands, compared to its average volume of 7,534,832. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The company has a market capitalization of $36.46 billion, a P/E ratio of 69.13, a PEG ratio of 0.86 and a beta of 3.25. The business has a fifty day simple moving average of $208.78 and a 200 day simple moving average of $203.24.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The business had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. During the same period in the prior year, the firm earned $0.52 EPS. Credo Technology Group’s quarterly revenue was up 114.7% compared to the same quarter last year. Equities research analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on CRDO. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Weiss Ratings downgraded shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. Rosenblatt Securities increased their target price on shares of Credo Technology Group from $215.00 to $235.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 2nd. TD Cowen boosted their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. Finally, Bank of America dropped their price target on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research note on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $262.67.

Credo Technology Group Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company’s product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.