Avantax Advisory Services Inc. Raises Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Avantax Advisory Services Inc. lifted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 90.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 10,345 shares of the company's stock after acquiring an additional 4,905 shares during the period. Avantax Advisory Services Inc.'s holdings in Credo Technology Group were worth $415,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Larson Financial Group LLC lifted its position in Credo Technology Group by 21.5% in the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after acquiring an additional 245 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in shares of Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after purchasing an additional 348 shares in the last quarter. Calamos Advisors LLC boosted its position in shares of Credo Technology Group by 3.1% during the first quarter. Calamos Advisors LLC now owns 17,369 shares of the company's stock valued at $698,000 after buying an additional 529 shares during the last quarter. Prudential Financial Inc. grew its holdings in Credo Technology Group by 6.0% during the fourth quarter. Prudential Financial Inc. now owns 9,843 shares of the company's stock worth $662,000 after buying an additional 560 shares in the last quarter. Finally, KBC Group NV grew its holdings in Credo Technology Group by 11.7% during the first quarter. KBC Group NV now owns 6,324 shares of the company's stock worth $254,000 after buying an additional 663 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of analyst reports. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Barclays set a $85.00 price target on shares of Credo Technology Group and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the company a "buy" rating in a research note on Friday, June 13th. Needham & Company LLC boosted their target price on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Finally, Susquehanna lifted their price target on Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. One investment analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Credo Technology Group presently has a consensus rating of "Buy" and an average price target of $87.91.

Credo Technology Group Stock Performance

NASDAQ CRDO traded up $0.63 on Friday, hitting $120.41. The stock had a trading volume of 2,917,546 shares, compared to its average volume of 5,277,536. The firm has a 50-day moving average of $91.66 and a 200-day moving average of $66.95. The company has a market capitalization of $20.67 billion, a price-to-earnings ratio of 445.96, a price-to-earnings-growth ratio of 2.11 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 52-week low of $24.08 and a 52-week high of $121.50.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The company had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The firm's quarterly revenue was up 179.6% on a year-over-year basis. During the same quarter last year, the company earned $0.07 earnings per share. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 150,000 shares of Credo Technology Group stock in a transaction on Friday, August 1st. The shares were sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the completion of the sale, the chief executive officer directly owned 2,061,978 shares of the company's stock, valued at approximately $220,363,588.86. The trade was a 6.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lip Bu Tan sold 171,473 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the transaction, the director directly owned 613,725 shares in the company, valued at approximately $47,809,177.50. This represents a 21.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,274,583 shares of company stock valued at $113,118,257. 16.04% of the stock is owned by corporate insiders.

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.