Credo Technology Group Holding Ltd. $CRDO Shares Acquired by Capelight Capital Asset Management LP

Capelight Capital Asset Management LP increased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 81.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 20,000 shares of the company’s stock after buying an additional 9,000 shares during the quarter. Credo Technology Group comprises 1.3% of Capelight Capital Asset Management LP’s holdings, making the stock its 24th largest position. Capelight Capital Asset Management LP’s holdings in Credo Technology Group were worth $1,877,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in CRDO. Northwestern Mutual Wealth Management Co. increased its stake in Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after buying an additional 77 shares during the period. Mark Sheptoff Financial Planning LLC increased its position in shares of Credo Technology Group by 2.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock worth $741,000 after acquiring an additional 100 shares during the last quarter. Spirepoint Private Client LLC lifted its stake in shares of Credo Technology Group by 6.6% in the fourth quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock worth $243,000 after acquiring an additional 105 shares in the last quarter. Crewe Advisors LLC lifted 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 worth $25,000 after acquiring an additional 106 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in Credo Technology Group by 14.8% in the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock valued at $125,000 after purchasing an additional 111 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Sylvia Acevedo sold 2,208 shares of Credo Technology Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $211.00, for a total value of $465,888.00. Following the completion of the transaction, the director owned 16,337 shares of the company’s stock, valued at $3,447,107. The trade was a 11.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Daniel W. Fleming sold 40,000 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the sale, the chief financial officer owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. The trade was a 7.38% decrease in their position. 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 90 days, insiders sold 405,095 shares of company stock worth $81,206,774. 11.84% of the stock is owned by insiders.

Credo Technology Group Stock Down 6.6%

Shares of Credo Technology Group stock opened at $241.91 on Friday. The business has a 50-day moving average price of $219.87 and a 200 day moving average price of $159.87. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The firm has a market cap of $45.11 billion, a P/E ratio of 97.54, a P/E/G ratio of 1.18 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million for 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%.Credo Technology Group’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.20 EPS. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CRDO shares. Evercore began coverage on Credo Technology Group in a research note on Monday, June 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Needham & Company LLC upped their target price on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Bank of America increased their target price on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Mizuho raised their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. Finally, Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $263.11.

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.