Kelly Lawrence W & Associates Inc. CA Buys Shares of 62,375 Credo Technology Group Holding Ltd. $CRDO

Kelly Lawrence W & Associates Inc. CA purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 62,375 shares of the company’s stock, valued at approximately $16,963,000. Credo Technology Group accounts for 3.6% of Kelly Lawrence W & Associates Inc. CA’s investment portfolio, making the stock its 7th biggest position.

Several other hedge funds and other institutional investors have also made changes to their positions in CRDO. City Center Advisors LLC grew its stake in shares of Credo Technology Group by 2.1% during the second quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after purchasing an additional 53 shares during the period. Versant Capital Management Inc lifted its stake in Credo Technology Group by 8.0% in the second quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock valued at $205,000 after buying an additional 56 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Credo Technology Group by 16.2% during the third 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 last quarter. QRG Capital Management Inc. boosted its holdings in Credo Technology Group by 1.7% during the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after buying an additional 91 shares during the last quarter. Finally, Bank of Nova Scotia boosted its holdings in Credo Technology Group by 1.6% during the first quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock worth $566,000 after buying an additional 92 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $222.61 on Tuesday. The business’s 50-day simple moving average is $240.76 and its 200-day simple moving average is $183.84. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The stock has a market capitalization of $41.51 billion, a PE ratio of 89.76, a price-to-earnings-growth ratio of 1.05 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.20 EPS. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Analyst Ratings Changes

CRDO has been the subject of a number of recent analyst reports. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. TD Cowen lifted their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, August 18th. Barclays boosted their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Bank of America upped their target price on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Finally, Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $268.39.

Insider Transactions at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,473 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the sale, the chief technology officer owned 5,772,397 shares in the company, valued at approximately $1,209,490,343.41. The trade was a 0.47% 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. Insiders sold 435,076 shares of company stock valued at $101,043,506 over the last quarter. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Company 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.