Diversify Advisory Services LLC Acquires Shares of 17,000 Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Diversify Advisory Services LLC purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 17,000 shares of the company's stock, valued at approximately $735,000.

Several other large investors have also added to or reduced their stakes in the company. Larson Financial Group LLC raised its holdings in Credo Technology Group by 21.5% in the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after purchasing an additional 245 shares during the period. CIBC Private Wealth Group LLC raised its holdings in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after acquiring an additional 348 shares during the last quarter. Calamos Advisors LLC raised its holdings in shares of Credo Technology Group by 3.1% during the first quarter. Calamos Advisors LLC now owns 17,369 shares of the company's stock valued at $698,000 after acquiring an additional 529 shares during the last quarter. Prudential Financial Inc. increased its holdings in shares of Credo Technology Group by 6.0% in the fourth quarter. Prudential Financial Inc. now owns 9,843 shares of the company's stock valued at $662,000 after purchasing an additional 560 shares during the last quarter. Finally, KBC Group NV increased its holdings in shares of Credo Technology Group by 11.7% in the first quarter. KBC Group NV now owns 6,324 shares of the company's stock valued at $254,000 after purchasing an additional 663 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $98.53, for a total transaction of $5,419,150.00. Following the transaction, the chief technology officer owned 7,273,961 shares of the company's stock, valued at $716,703,377.33. This represents a 0.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Daniel W. Fleming sold 3,790 shares of the company's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $97.29, for a total value of $368,729.10. Following the sale, the chief financial officer owned 582,428 shares of the company's stock, valued at approximately $56,664,420.12. The trade was a 0.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,023,139 shares of company stock worth $79,992,980 in the last quarter. Corporate insiders own 16.04% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on CRDO shares. Stifel Nicolaus increased their price target on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a report on Friday, July 18th. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Needham & Company LLC lifted their price target on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, Barclays set a $85.00 target price on Credo Technology Group and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Credo Technology Group has an average rating of "Buy" and a consensus price target of $87.91.

Credo Technology Group Price Performance

NASDAQ CRDO traded up $4.90 on Wednesday, hitting $97.83. 1,570,611 shares of the company's stock were exchanged, compared to its average volume of 4,246,070. The firm's 50-day moving average price is $79.45 and its two-hundred day moving average price is $63.78. Credo Technology Group Holding Ltd. has a fifty-two week low of $22.50 and a fifty-two week high of $104.35. The firm has a market cap of $16.79 billion, a price-to-earnings ratio of 362.48, a P/E/G ratio of 1.72 and a beta of 2.57.

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