37,896 Shares in Credo Technology Group Holding Ltd. $CRDO Bought by Congress Asset Management Co.

Key Points

• Congress Asset Management Co. has acquired a new position in Credo Technology Group by purchasing 37,896 shares, valued at approximately $3.5 million during the second quarter.
• Credo Technology Group's stock has received several upgrades, with analysts raising their ratings to "buy" and setting price targets as high as $160.
• Despite a recent earnings miss, with an EPS of $0.34 compared to the consensus estimate of $0.36, the company's revenue saw a significant year-over-year increase of 273.6%.

Congress Asset Management Co. purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 37,896 shares of the company's stock, valued at approximately $3,509,000.

Several other institutional investors and hedge funds also recently modified their holdings of CRDO. Operose Advisors LLC grew its stake in shares of Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after purchasing an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of Credo Technology Group in the first quarter worth $25,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Credo Technology Group in the first quarter worth $27,000. Harbour Investments Inc. bought a new position in shares of Credo Technology Group in the first quarter worth $29,000. Finally, Virtus Advisers LLC bought a new position in shares of Credo Technology Group in the first quarter worth $31,000. Institutional investors own 80.46% of the company's stock.

Analyst Ratings Changes

Several research firms have recently issued reports on CRDO. Wall Street Zen raised Credo Technology Group from a "hold" rating to a "buy" rating in a research note on Sunday. William Blair started coverage on Credo Technology Group in a report on Thursday, September 18th. They issued an "outperform" rating for the company. Zacks Research upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, September 8th. Needham & Company LLC upped their price objective on Credo Technology Group from $85.00 to $150.00 and gave the company a "buy" rating in a report on Thursday, September 4th. Finally, TD Cowen upped their price objective on Credo Technology Group from $140.00 to $160.00 and gave the company a "buy" rating in a report on Thursday, September 4th. Two analysts have rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the company. Based on data from MarketBeat, Credo Technology Group currently has an average rating of "Buy" and an average target price of $126.27.

Credo Technology Group Stock Down 1.4%

Shares of NASDAQ CRDO opened at $142.93 on Friday. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $176.70. The company has a market cap of $24.73 billion, a price-to-earnings ratio of 213.33 and a beta of 2.59. The business has a fifty day simple moving average of $128.39 and a 200-day simple moving average of $84.91.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The company had revenue of $223.07 million for the quarter, compared to analysts' expectations of $190.63 million. During the same period in the prior year, the company earned $0.04 earnings per share. The company's revenue for the quarter was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, insider James Laufman sold 10,000 shares of the stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $140.00, for a total value of $1,400,000.00. Following the completion of the sale, the insider directly owned 232,284 shares of the company's stock, valued at approximately $32,519,760. This represents a 4.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $164.98, for a total value of $9,073,900.00. Following the completion of the sale, the chief technology officer directly owned 6,943,961 shares of the company's stock, valued at approximately $1,145,614,685.78. This represents a 0.79% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 798,915 shares of company stock valued at $96,875,395 over the last 90 days. 11.84% of the stock is owned by insiders.

Credo Technology Group Company Profile

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.

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