Belpointe Asset Management LLC Takes Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Belpointe Asset Management LLC acquired a new stake in Credo Technology Group Holding Ltd. by purchasing 4,511 shares worth approximately $418,000 in Q2.
• Insider sales included CTO Chi Fung Cheng selling 55,000 shares for over $8 million and CFO Daniel W. Fleming selling 112,580 shares for approximately $15.5 million, indicating notable insider activity in the stock.
• Analysts have generally positive outlooks on Credo Technology Group, with recommendations including a "buy" rating and price targets ranging from $150 to $170, despite the company's recent stock price decline of 8.2%.

Belpointe Asset Management LLC purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 4,511 shares of the company's stock, valued at approximately $418,000.

Several other hedge funds have also made changes to their positions in the company. Signaturefd LLC grew its stake in shares of Credo Technology Group by 32.4% in the 2nd quarter. Signaturefd LLC now owns 703 shares of the company's stock valued at $65,000 after buying an additional 172 shares during the period. Larson Financial Group LLC grew its stake in shares of 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 buying an additional 245 shares during the period. Operose Advisors LLC grew its stake in shares of Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after buying an additional 252 shares during the period. QTR Family Wealth LLC lifted its holdings in shares of Credo Technology Group by 3.9% in the 2nd quarter. QTR Family Wealth LLC now owns 7,415 shares of the company's stock worth $687,000 after acquiring an additional 280 shares during the last quarter. Finally, Wolff Wiese Magana LLC lifted its holdings in shares of Credo Technology Group by 200.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 450 shares of the company's stock worth $42,000 after acquiring an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction on Monday, October 6th. The shares were sold at an average price of $148.35, for a total value of $8,159,250.00. Following the sale, the chief technology officer directly owned 6,833,961 shares in the company, valued at approximately $1,013,818,114.35. This trade represents a 0.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 112,580 shares of the firm's stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total transaction of $15,558,556.00. Following the completion of the sale, the chief financial officer owned 458,678 shares in the company, valued at $63,389,299.60. The trade was a 19.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 997,181 shares of company stock worth $131,069,480. 11.84% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on CRDO shares. TD Cowen started coverage on shares of Credo Technology Group in a report on Wednesday, October 1st. They issued a "buy" rating and a $170.00 price objective on the stock. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a report on Thursday, September 4th. Barclays restated an "overweight" rating and issued a $165.00 price objective on shares of Credo Technology Group in a report on Tuesday. Cowen restated a "buy" rating on shares of Credo Technology Group in a report on Thursday, September 4th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Credo Technology Group in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $128.55.

Credo Technology Group Stock Down 8.2%

Credo Technology Group stock opened at $138.83 on Friday. The firm has a market cap of $24.02 billion, a PE ratio of 207.21 and a beta of 2.60. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $176.70. The company's 50 day moving average is $136.63 and its two-hundred day moving average is $91.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). The business had revenue of $223.07 million for the quarter, compared to analyst estimates of $190.63 million. Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.Credo Technology Group's quarterly revenue was up 273.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 earnings per share. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

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.

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