Atreides Management LP Buys New Stake in Credo Technology Group Holding Ltd. $CRDO

Atreides Management LP acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,091,233 shares of the company's stock, valued at approximately $102,434,000. Credo Technology Group makes up approximately 2.0% of Atreides Management LP's investment portfolio, making the stock its 15th biggest position. Atreides Management LP owned approximately 0.59% of Credo Technology Group as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Crewe Advisors LLC increased its holdings in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after purchasing an additional 106 shares during the period. Reflection Asset Management purchased a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $25,000. Acumen Wealth Advisors LLC acquired a new stake in Credo Technology Group in the fourth quarter valued at $25,000. Flagship Harbor Advisors LLC purchased a new position in Credo Technology Group during the 4th quarter valued at about $32,000. Finally, AlphaCentric Advisors LLC acquired a new position in shares of Credo Technology Group during the 1st quarter worth approximately $33,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $192.28 on Wednesday. The stock has a fifty day moving average price of $236.79 and a two-hundred day moving average price of $170.98. The firm has a market cap of $35.86 billion, a P/E ratio of 77.53, a PEG ratio of 0.95 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the firm earned $0.20 EPS. The company's quarterly revenue was up 157.0% compared to the same quarter last year. On average, research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Bank of America upped their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. The Goldman Sachs Group reissued a "buy" rating and set a $250.00 target price on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Rosenblatt Securities boosted their price objective on Credo Technology Group from $175.00 to $215.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 2nd. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a "buy" rating in a research note on Monday, June 22nd. Finally, Zacks Research upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 19th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $266.17.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Fariba Danesh sold 1,100 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total transaction of $259,974.00. Following the completion of the sale, the director owned 7,017 shares of the company's stock, valued at $1,658,397.78. This represents a 13.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $222.34, for a total value of $6,114,350.00. Following the completion of the sale, the chief technology officer directly owned 5,827,370 shares in the company, valued at approximately $1,295,657,445.80. This represents a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 302,162 shares of company stock worth $72,080,421. 11.84% of the stock is owned by corporate insiders.

About Credo Technology Group

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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