4,300 Shares in Credo Technology Group Holding Ltd. $CRDO Purchased by Cannon Global Investment Management LLC

Key Points

• Cannon Global Investment Management LLC has acquired a new position in Credo Technology Group by purchasing 4,300 shares valued at approximately $398,000 during the second quarter.
• Several hedge funds have significantly increased their stakes in Credo Technology Group, with achievements such as Marathon Strategic Advisors boosting its holdings by 77.8% and Stratos Wealth Partners increasing its stake by 246.3%.
• Analysts have a positive outlook on Credo Technology Group, with multiple upgrades, including upgrades to a “buy” rating and projected price targets ranging from $150 to $170.

Cannon Global Investment Management LLC purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 4,300 shares of the company's stock, valued at approximately $398,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Marathon Strategic Advisors LLC boosted its holdings in Credo Technology Group by 77.8% in the 2nd quarter. Marathon Strategic Advisors LLC now owns 13,333 shares of the company's stock valued at $1,235,000 after purchasing an additional 5,833 shares in the last quarter. Arista Wealth Management LLC purchased a new stake in Credo Technology Group in the 2nd quarter worth approximately $1,739,000. Stratos Wealth Partners LTD. grew its stake in shares of Credo Technology Group by 246.3% during the 2nd quarter. Stratos Wealth Partners LTD. now owns 47,218 shares of the company's stock valued at $4,372,000 after buying an additional 33,584 shares during the period. WCM Investment Management LLC boosted its position in Credo Technology Group by 7.1% during the 2nd quarter. WCM Investment Management LLC now owns 164,059 shares of the company's stock worth $15,338,000 after purchasing an additional 10,893 shares during the period. Finally, Harbour Investments Inc. grew its stake in shares of Credo Technology Group by 362.4% in the second quarter. Harbour Investments Inc. now owns 3,362 shares of the company's stock valued at $311,000 after buying an additional 2,635 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CRDO shares. Wall Street Zen upgraded shares of Credo Technology Group from a "hold" rating to a "buy" rating in a report on Sunday, September 28th. TD Cowen began coverage on shares of Credo Technology Group in a research note on Wednesday, October 1st. They set a "buy" rating and a $170.00 price objective on the stock. Needham & Company LLC raised their price objective on shares of Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research note on Thursday, September 4th. Finally, Zacks Research raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 8th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $131.58.

Credo Technology Group Trading Up 5.2%

Shares of Credo Technology Group stock opened at $143.61 on Friday. The stock has a market capitalization of $24.84 billion, a price-to-earnings ratio of 214.34 and a beta of 2.60. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $176.70. The firm's 50-day moving average price is $138.80 and its two-hundred day moving average price is $94.74.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced 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). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The company had revenue of $223.07 million for the quarter, compared to analyst estimates of $190.63 million. During the same quarter in the previous year, the company posted $0.04 earnings per share. Credo Technology Group'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, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 4,408 shares of the stock in a transaction on Monday, October 13th. The shares were sold at an average price of $147.41, for a total value of $649,783.28. Following the completion of the sale, the director owned 5,894,244 shares in the company, valued at $868,870,508.04. This trade represents a 0.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $148.08, for a total transaction of $8,144,400.00. Following the sale, the chief technology officer owned 6,778,961 shares of the company's stock, valued at approximately $1,003,828,544.88. This represents a 0.80% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,006,589 shares of company stock valued at $135,192,863. Corporate insiders own 11.84% of the company's stock.

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.

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