Diversify Advisory Services LLC Makes New Investment in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Diversify Advisory Services LLC bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 17,000 shares of the company's stock, valued at approximately $735,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Proficio Capital Partners LLC bought a new stake in Credo Technology Group during the fourth quarter worth $700,000. Avantax Advisory Services Inc. bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $366,000. Commonwealth Equity Services LLC bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $444,000. Corient Private Wealth LLC bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $223,000. Finally, Cibc World Markets Corp bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $881,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Mizuho raised their price target on shares of Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Susquehanna raised their price target on shares of Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a research note on Tuesday. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the company a "buy" rating in a research report on Friday, June 13th. Finally, Cowen restated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $87.91.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Monday, July 14th. The shares were sold at an average price of $98.53, for a total transaction of $5,419,150.00. Following the completion of the transaction, the chief technology officer directly owned 7,273,961 shares of the company's stock, valued at approximately $716,703,377.33. This trade represents a 0.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lip Bu Tan sold 12,248 shares of Credo Technology Group stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total transaction of $1,141,758.56. Following the completion of the transaction, the director directly owned 467,180 shares of the company's stock, valued at $43,550,519.60. The trade was a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,023,139 shares of company stock valued at $79,992,980 over the last 90 days. Company insiders own 16.04% of the company's stock.

Credo Technology Group Trading Down 3.6%

Shares of CRDO stock traded down $3.45 during mid-day trading on Tuesday, reaching $92.30. The stock had a trading volume of 3,032,615 shares, compared to its average volume of 4,237,836. Credo Technology Group Holding Ltd. has a 52-week low of $22.50 and a 52-week high of $104.35. The stock's 50-day moving average price is $79.45 and its two-hundred day moving average price is $63.78. The firm has a market capitalization of $15.84 billion, a PE ratio of 339.59, a price-to-earnings-growth ratio of 1.68 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The firm had revenue of $170.00 million for the quarter, compared to analysts' expectations of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The business's revenue for the quarter was up 179.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.07 earnings per share. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.