Orion Porfolio Solutions LLC Buys 5,430 Shares of Credo Technology Group Holding Ltd. $CRDO

Orion Porfolio Solutions LLC increased its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 75.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,587 shares of the company’s stock after buying an additional 5,430 shares during the quarter. Orion Porfolio Solutions LLC’s holdings in Credo Technology Group were worth $1,833,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CRDO. GW&K Investment Management LLC acquired a new position in Credo Technology Group in the 3rd quarter valued at $29,295,000. CI Investments Inc. grew its holdings in shares of Credo Technology Group by 5,340.1% during the 3rd quarter. CI Investments Inc. now owns 22,631 shares of the company’s stock worth $3,295,000 after purchasing an additional 22,215 shares in the last quarter. Focus Partners Advisor Solutions LLC bought a new position in shares of Credo Technology Group in the third quarter worth $252,000. Bedell Frazier Investment Counselling LLC bought a new position in shares of Credo Technology Group in the third quarter worth $203,000. Finally, Rafferty Asset Management LLC acquired a new position in Credo Technology Group in the third quarter valued at about $183,553,000. Institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRDO. Susquehanna cut their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a research report on Tuesday, March 3rd. The Goldman Sachs Group set a $165.00 target price on shares of Credo Technology Group and gave the company a “buy” rating in a research report on Thursday, February 19th. Wolfe Research set a $240.00 price target on shares of Credo Technology Group in a report on Tuesday, December 2nd. Needham & Company LLC reiterated a “buy” rating and set a $220.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Finally, KGI Securities raised shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective on the stock in a research note on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $206.33.

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $127.69, for a total transaction of $6,384,500.00. Following the sale, the chief executive officer owned 1,832,502 shares of the company’s stock, valued at approximately $233,992,180.38. The trade was a 2.66% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $150.77, for a total transaction of $8,292,350.00. Following the transaction, the chief technology officer owned 6,503,961 shares of the company’s stock, valued at $980,602,199.97. This trade represents a 0.84% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 423,085 shares of company stock valued at $59,514,322. 11.84% of the stock is owned by corporate insiders.

Credo Technology Group Stock Up 3.2%

Credo Technology Group stock opened at $115.91 on Thursday. The stock has a market cap of $21.38 billion, a PE ratio of 64.39 and a beta of 2.67. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The business’s 50-day moving average price is $127.91 and its two-hundred day moving average price is $143.24.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. During the same quarter in the prior year, the business earned $0.25 earnings per share. The business’s revenue for the quarter was up 201.5% compared to the same quarter last year. As a group, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

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.