Credo Technology Group Holding Ltd. $CRDO Shares Acquired by Global Retirement Partners LLC

Global Retirement Partners LLC raised its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 5,358.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 4,094 shares of the company’s stock after acquiring an additional 4,019 shares during the quarter. Global Retirement Partners LLC’s holdings in Credo Technology Group were worth $589,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new position in shares of Credo Technology Group during the third quarter valued at approximately $25,000. Crewe Advisors LLC raised its holdings in shares of Credo Technology Group by 163.1% during 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 during the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $32,000. Smallwood Wealth Investment Management LLC acquired a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $36,000. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after acquiring an additional 147 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $221.23 on Thursday. The firm has a market capitalization of $40.81 billion, a price-to-earnings ratio of 122.91 and a beta of 3.17. Credo Technology Group Holding Ltd. has a fifty-two week low of $59.21 and a fifty-two week high of $233.70. The stock has a 50 day moving average of $153.11 and a 200 day moving average of $143.93.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million during the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm’s revenue for the quarter was up 201.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.25 earnings per share. Analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Activity at Credo Technology Group

In related news, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 386,608 shares of company stock valued at $50,371,351 over the last quarter. 11.84% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CRDO has been the subject of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and set a $220.00 target price on shares of Credo Technology Group in a report on Wednesday, April 15th. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Roth Mkm dropped their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Rothschild & Co Redburn began coverage on Credo Technology Group in a research report on Friday, May 1st. They issued a “buy” rating and a $206.00 price target for the company. Finally, Craig Hallum restated a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $210.65.

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.