16,757 Shares in Credo Technology Group Holding Ltd. $CRDO Acquired by Headlands Technologies LLC

Key Points

• Headlands Technologies acquired 16,757 shares of Credo Technology Group worth approximately $4.56 million in the second quarter. Institutional investors collectively own 80.46% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $268.39, although Zacks Research downgraded the stock to “Hold.”
• Credo reported quarterly EPS of $1.16 and revenue of $437 million, up 157% year over year and exceeding estimates. Meanwhile, insiders sold $101 million worth of shares over the past three months through pre-arranged trading plans.

Headlands Technologies LLC purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 16,757 shares of the company's stock, valued at approximately $4,557,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Reflection Asset Management bought a new stake in Credo Technology Group in the 4th quarter valued at $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group in the 4th quarter worth $25,000. Orion Capital Management LLC bought a new position in Credo Technology Group during the 2nd quarter worth about $27,000. AlphaCentric Advisors LLC bought a new position in Credo Technology Group during the 1st quarter worth about $33,000. Finally, Van ECK Associates Corp acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CRDO. Zacks Research cut Credo Technology Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 3rd. Roth Capital lifted their target price on Credo Technology Group from $200.00 to $300.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. boosted their target price on Credo Technology Group from $230.00 to $250.00 and gave the company an "overweight" rating in a research note on Tuesday, June 2nd. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Credo Technology Group in a research report on Friday, August 21st. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Credo Technology Group has an average rating of "Moderate Buy" and a consensus price target of $268.39.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 40,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, June 11th. The stock was 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 of the company's stock, valued at approximately $125,207,276.04. This trade represents a 7.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through 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, COO Yat Tung Lam sold 55,441 shares of the business's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the completion of the sale, the chief operating officer owned 2,529,169 shares of the company's stock, valued at $538,763,580.38. This trade represents a 2.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 435,076 shares of company stock worth $101,043,506 over the last three months. Company insiders own 11.84% of the company's stock.

Credo Technology Group Stock Performance

Shares of CRDO opened at $232.75 on Monday. The firm has a market cap of $43.74 billion, a P/E ratio of 93.85, a price-to-earnings-growth ratio of 1.06 and a beta of 3.23. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The firm's 50-day simple moving average is $238.64 and its 200 day simple moving average is $187.33.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period last year, the business posted $0.20 earnings per share. The business's revenue for the quarter was up 157.0% compared to the same quarter last year. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

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.

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