Credo Technology Group Holding Ltd. $CRDO Stock Holdings Increased by Entropy Technologies LP

Entropy Technologies LP boosted its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 71.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 91,409 shares of the company’s stock after purchasing an additional 38,169 shares during the period. Entropy Technologies LP’s holdings in Credo Technology Group were worth $8,581,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in CRDO. Crewe Advisors LLC lifted its position in shares of Credo Technology Group by 163.1% during the 4th 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. Reflection Asset Management acquired a new position in shares of Credo Technology Group in the 4th quarter worth $25,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $25,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $32,000. Finally, AlphaCentric Advisors LLC purchased a new stake in shares of Credo Technology Group during the first quarter valued at $33,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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 Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00. Following the sale, the chief technology officer owned 5,882,370 shares of the company’s stock, valued at approximately $1,429,768,852.20. The trade was a 0.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 302,162 shares of company stock valued at $70,897,646. Corporate insiders own 11.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Barclays increased their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. upped their price objective on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 target price for the company. TD Cowen lifted their target price on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Roth Capital boosted their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $266.17.

Credo Technology Group Trading Down 9.9%

CRDO opened at $213.15 on Friday. The stock has a market cap of $39.75 billion, a price-to-earnings ratio of 85.95, a PEG ratio of 1.08 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The stock has a fifty day moving average price of $235.28 and a 200 day moving average price of $169.88.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The firm 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%.The firm’s revenue was up 157.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.20 earnings per share. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal 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.