Allstate Corp Buys Shares of 11,706 Credo Technology Group Holding Ltd. $CRDO

Key Points

• Allstate Corp initiated a new position in Credo Technology Group, buying 11,706 shares worth about $1.684 million in the fourth quarter.
• Credo reported a strong quarter, with EPS of $1.07 and revenue of $407.01 million, both ahead of analyst expectations. Revenue jumped 201.5% year over year.
• Wall Street remains upbeat on CRDO, with a consensus Buy rating and an average price target of $210.65, even as some insiders recently sold shares.

Allstate Corp bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 11,706 shares of the company's stock, valued at approximately $1,684,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Crewe Advisors LLC raised its stake in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after buying an additional 106 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of Credo Technology Group during the third quarter worth $25,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $32,000. Smallwood Wealth Investment Management LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $36,000. Finally, Smartleaf Asset Management LLC raised its position in shares of Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company's stock worth $38,000 after purchasing an additional 147 shares during the period. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Performance

CRDO opened at $222.35 on Friday. The company has a market cap of $41.01 billion, a PE ratio of 123.53 and a beta of 3.17. The stock has a 50-day moving average of $155.48 and a 200-day moving average of $144.34. Credo Technology Group Holding Ltd. has a 52-week low of $59.21 and a 52-week high of $233.70.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm's revenue was up 201.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.25 EPS. On average, research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Jefferies Financial Group assumed coverage on Credo Technology Group in a research report on Monday, April 13th. They set a "buy" rating and a $175.00 target price on the stock. Rosenblatt Securities upped their price target on Credo Technology Group from $125.00 to $175.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. Rothschild & Co Redburn began coverage on Credo Technology Group in a research report on Friday, May 1st. They set a "buy" rating and a $206.00 price target on the stock. Susquehanna dropped their price target on Credo Technology Group from $230.00 to $170.00 and set a "positive" rating on the stock in a research report on Tuesday, March 3rd. Finally, Needham & Company LLC reissued a "buy" rating and set a $220.00 price target on shares of Credo Technology Group in a research report on Wednesday, April 15th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Credo Technology Group has a consensus rating of "Buy" and a consensus target price of $210.65.

Insider Activity

In related news, CEO William Joseph Brennan sold 50,000 shares of the business's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the business's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares of the company's stock, valued at $737,630,712. This represents a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 386,608 shares of company stock valued at $50,371,351 in the last three months. 11.84% of the stock is owned by insiders.

Credo Technology Group Company 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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