Cetera Investment Advisers Has $8.41 Million Holdings in Credo Technology Group Holding Ltd. $CRDO

by · The Markets Daily

Cetera Investment Advisers increased its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) by 32.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 89,562 shares of the company’s stock after purchasing an additional 21,809 shares during the quarter. Cetera Investment Advisers’ holdings in Credo Technology Group were worth $8,407,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Crewe Advisors LLC increased its holdings in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after buying an additional 106 shares during the period. Reflection Asset Management bought a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $25,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $25,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $32,000. Finally, AlphaCentric Advisors LLC bought a new position in Credo Technology Group in the first quarter valued at approximately $33,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on CRDO shares. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Rothschild & Co Redburn started coverage on Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. Stifel Nicolaus boosted their price target on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, June 22nd. The Goldman Sachs Group restated a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Finally, TD Cowen raised their price objective on Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $266.17.

Read Our Latest Research Report on CRDO

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the sale, the chief technology officer directly owned 5,799,870 shares of the company’s stock, valued at approximately $1,192,105,279.80. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the sale, the chief financial officer owned 504,708 shares in the company, valued at approximately $124,097,603.04. This trade represents a 1.48% 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 have sold 302,162 shares of company stock worth $72,810,546 over the last three months. Insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $206.99 on Friday. The firm’s fifty day moving average price is $236.60 and its two-hundred day moving average price is $171.84. The stock has a market cap of $38.60 billion, a PE ratio of 83.46, a PEG ratio of 0.92 and a beta of 3.20. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate 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 revenue for the quarter was up 157.0% on a year-over-year basis. During the same quarter last year, the business posted $0.20 EPS. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Credo Technology Group Profile

(Free Report)

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.

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