GK Wealth Management LLC Purchases New Shares in Credo Technology Group Holding Ltd. $CRDO

Key Points

• GK Wealth Management LLC purchased 5,601 shares of Credo Technology Group, valued at approximately $225,000, as per their recent SEC disclosure.
• Significant stock sales were made by insiders, with Director Lip Bu Tan selling 171,473 shares and CEO William Joseph Brennan selling 150,000 shares, reflecting notable decreases in their positions.
• Analysts predict a strong future for Credo Technology Group, with multiple firms raising their target prices, leading to a consensus rating of "Buy" and an average price target of $126.27.

GK Wealth Management LLC bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,601 shares of the company's stock, valued at approximately $225,000.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Geneos Wealth Management Inc. raised its position in shares of Credo Technology Group by 38,668.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 25,975 shares of the company's stock valued at $1,043,000 after buying an additional 25,908 shares during the period. Intech Investment Management LLC grew its position in Credo Technology Group by 153.0% in the first quarter. Intech Investment Management LLC now owns 120,338 shares of the company's stock worth $4,833,000 after acquiring an additional 72,782 shares during the period. Flaharty Asset Management LLC purchased a new position in Credo Technology Group in the first quarter worth approximately $100,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company's stock worth $12,480,000 after purchasing an additional 7,107 shares during the period. Finally, Clearline Capital LP purchased a new position in shares of Credo Technology Group during the 1st quarter worth approximately $723,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analyst Upgrades and Downgrades

CRDO has been the subject of several recent research reports. Needham & Company LLC raised their price target on shares of Credo Technology Group from $85.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research report on Thursday, September 4th. TD Cowen raised their price target on shares of Credo Technology Group from $140.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Barclays raised their price target on shares of Credo Technology Group from $85.00 to $165.00 and gave the company an "overweight" rating in a research report 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 report on Monday, September 8th. Two analysts have rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company's stock. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of "Buy" and a consensus target price of $126.27.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock traded up $3.04 during trading hours on Monday, reaching $165.03. The company's stock had a trading volume of 2,090,708 shares, compared to its average volume of 5,245,438. The stock has a market cap of $28.55 billion, a P/E ratio of 246.30 and a beta of 2.59. The company's 50 day simple moving average is $115.91 and its 200 day simple moving average is $77.28. Credo Technology Group Holding Ltd. has a one year low of $26.96 and a one year high of $168.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $223.07 million during the quarter, compared to analyst estimates of $190.63 million. During the same period in the prior year, the firm earned $0.04 EPS. The business'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. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, Director Lip Bu Tan sold 80,000 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $90.77, for a total value of $7,261,600.00. Following the completion of the sale, the director directly owned 479,428 shares of the company's stock, valued at $43,517,679.56. This represents a 14.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 150,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the transaction, the chief executive officer directly owned 2,061,978 shares of the company's stock, valued at $220,363,588.86. This represents a 6.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 807,444 shares of company stock worth $82,277,322. Company 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.