4,240 Shares in Credo Technology Group Holding Ltd. $CRDO Bought by QRG Capital Management Inc.

Key Points

• QRG Capital Management Inc. acquired 4,240 shares of Credo Technology Group Holding Ltd., valued at approximately $393,000, during the 2nd quarter.
• Insiders sold a significant amount of Credo Technology Group stock, with COO Yat Tung Lam selling 80,000 shares and CEO William Joseph Brennan selling 9,476 shares.
• Analysts have raised their ratings on Credo Technology Group, with Zacks and Needham & Company both upgrading the stock to "strong-buy" and increasing their price targets significantly.

QRG Capital Management Inc. acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 4,240 shares of the company's stock, valued at approximately $393,000.

Several other hedge funds have also added to or reduced their stakes in CRDO. Harbor Capital Advisors Inc. acquired a new stake in Credo Technology Group during the 1st quarter worth $1,759,000. GAMMA Investing LLC raised its stake in Credo Technology Group by 103.5% during the 1st quarter. GAMMA Investing LLC now owns 1,982 shares of the company's stock worth $80,000 after buying an additional 1,008 shares during the period. Handelsbanken Fonder AB raised its stake in Credo Technology Group by 7.3% during the 1st quarter. Handelsbanken Fonder AB now owns 35,400 shares of the company's stock worth $1,422,000 after buying an additional 2,400 shares during the period. Wealth Enhancement Advisory Services LLC acquired a new stake in Credo Technology Group during the 1st quarter worth $301,000. Finally, Janney Montgomery Scott LLC raised its stake in shares of Credo Technology Group by 27.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock valued at $270,000 after purchasing an additional 1,467 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 80,000 shares of Credo Technology Group stock in a transaction dated Wednesday, October 1st. The stock was sold at an average price of $143.53, for a total transaction of $11,482,400.00. Following the completion of the transaction, the chief operating officer owned 920,000 shares in the company, valued at approximately $132,047,600. This trade represents a 8.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 9,476 shares of Credo Technology Group stock in a transaction dated Tuesday, October 7th. The stock was sold at an average price of $140.06, for a total value of $1,327,208.56. Following the transaction, the chief executive officer owned 347,399 shares of the company's stock, valued at $48,656,703.94. The trade was a 2.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 997,181 shares of company stock valued at $131,069,480 in the last quarter. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $138.83 on Friday. The stock's 50-day simple moving average is $136.63 and its 200 day simple moving average is $91.42. The company has a market cap of $24.02 billion, a P/E ratio of 207.21 and a beta of 2.60. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $176.70.

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Zacks Research raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 8th. Needham & Company LLC lifted their price target on Credo Technology Group from $85.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, September 4th. Wall Street Zen raised Credo Technology Group from a "hold" rating to a "buy" rating in a research note on Sunday, September 28th. Susquehanna lifted their price target on Credo Technology Group from $115.00 to $165.00 and gave the company a "positive" rating in a research note on Thursday, September 4th. Finally, Cowen reissued a "buy" rating on shares of Credo Technology Group in a research note on Thursday, September 4th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $128.55.

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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