AMJ Financial Wealth Management Invests $5.84 Million in Credo Technology Group Holding Ltd. $CRDO

Key Points

• AMJ Financial Wealth Management opened a new position in Credo Technology Group during the fourth quarter, buying 40,585 shares valued at about $5.84 million.
• Credo Technology Group posted strong quarterly results, with EPS of $1.07 and revenue of $407.01 million, both ahead of estimates and up 201.5% year over year.
• Analysts remain generally positive on CRDO, with a consensus rating of Moderate Buy and an average price target of $207.71, while several insiders recently sold shares.

AMJ Financial Wealth Management purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 40,585 shares of the company's stock, valued at approximately $5,840,000.

A number of other large investors also recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Credo Technology Group by 9.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company's stock worth $39,004,000 after acquiring an additional 23,332 shares during the period. Optimize Financial Inc acquired a new position in Credo Technology Group during the 3rd quarter valued at about $1,431,000. Estate Counselors LLC acquired a new position in Credo Technology Group during the 3rd quarter valued at about $2,548,000. Global Trust Asset Management LLC acquired a new position in Credo Technology Group during the 3rd quarter valued at about $2,167,000. Finally, FengHe Fund Management Pte. Ltd. increased its stake in Credo Technology Group by 5.7% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company's stock valued at $23,349,000 after buying an additional 8,769 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Price Performance

Shares of CRDO opened at $172.17 on Friday. Credo Technology Group Holding Ltd. has a one year low of $57.21 and a one year high of $213.80. The company has a 50-day moving average of $139.79 and a two-hundred day moving average of $142.52. The stock has a market cap of $31.76 billion, a price-to-earnings ratio of 95.65 and a beta of 3.17.

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

Analyst Upgrades and Downgrades

Several equities analysts have commented on CRDO shares. Rosenblatt Securities raised their target price on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a "neutral" rating in a research note on Wednesday, April 15th. Craig Hallum reissued a "buy" rating and set a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Susquehanna lowered their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a "positive" rating on the stock in a research note on Tuesday, March 3rd. Finally, Roth Mkm lowered their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $207.71.

Insider Activity

In related news, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the sale, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the firm's stock in a transaction that occurred on 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 sale, the chief executive officer owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 386,608 shares of company stock valued at $50,371,351. Corporate insiders own 11.84% of the company's stock.

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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