6,699 Shares in Credo Technology Group Holding Ltd. $CRDO Bought by Gaddis Premier Wealth Advisors LLC

Key Points

• Gaddis Premier Wealth Advisors opened a new position in Credo Technology Group, buying 6,699 shares worth about $964,000 in the fourth quarter.
• Institutional interest remains strong, with hedge funds and other investors owning about 80.46% of CRDO shares. Several firms, including Goldman Sachs and NewEdge Advisors, also recently increased their stakes.
• Analysts are increasingly bullish after Credo reported earnings and revenue that topped expectations, and multiple firms raised price targets; the consensus rating is Moderate Buy with a target of $248.41.

Gaddis Premier Wealth Advisors LLC purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 6,699 shares of the company's stock, valued at approximately $964,000. Credo Technology Group makes up about 0.7% of Gaddis Premier Wealth Advisors LLC's portfolio, making the stock its 25th biggest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRDO. NewEdge Advisors LLC boosted its position in Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock worth $284,000 after acquiring an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after purchasing an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Credo Technology Group by 2.3% in 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 in the last quarter. CW Advisors LLC acquired a new stake in Credo Technology Group during the second quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC increased its position in Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock worth $46,000 after purchasing an additional 333 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analyst Ratings Changes

CRDO has been the subject of several recent analyst reports. Mizuho raised their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 2nd. Rosenblatt Securities raised their price objective on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a "neutral" rating in a research note on Tuesday, June 2nd. Roth Mkm raised their price objective on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. TD Cowen raised their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Finally, Bank of America lifted their price target on shares of Credo Technology Group from $210.00 to $252.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $248.41.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Friday, May 1st. The shares were sold at an average price of $178.99, for a total value of $4,922,225.00. Following the transaction, the chief technology officer directly owned 6,024,870 shares of the company's stock, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 10,000 shares of Credo Technology Group stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the completion of the transaction, the insider directly owned 198,609 shares in the company, valued at $32,653,305.69. The trade was a 4.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 386,608 shares of company stock worth $50,371,351 in the last ninety days. Company insiders own 11.84% of the company's stock.

Credo Technology Group Trading Up 7.4%

CRDO stock opened at $222.27 on Tuesday. Credo Technology Group Holding Ltd. has a twelve month low of $66.75 and a twelve month high of $245.95. The company's 50 day moving average is $172.17 and its two-hundred day moving average is $147.79. The stock has a market cap of $41.00 billion, a P/E ratio of 89.63, a PEG ratio of 1.34 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 36.99%. The company had revenue of $437.00 million for the quarter, compared to analysts' expectations of $431.80 million. During the same quarter last year, the company earned $0.20 earnings per share. The firm's revenue for the quarter was up 157.0% on a year-over-year basis. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current year.

Credo Technology Group Profile

Credo Technology Group, Inc NASDAQ: CRDO is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.

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