Blue Bell Private Wealth Management LLC Makes New Investment in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Blue Bell Private Wealth Management LLC bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 3,249 shares of the company's stock, valued at approximately $130,000.

Several other institutional investors and hedge funds also recently bought and sold shares of CRDO. Geode Capital Management LLC grew its position in Credo Technology Group by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock valued at $222,884,000 after acquiring an additional 138,686 shares during the period. Norges Bank acquired a new position in Credo Technology Group in the fourth quarter valued at about $117,242,000. Alliancebernstein L.P. raised its position in shares of Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after purchasing an additional 1,305,594 shares during the period. Ameriprise Financial Inc. raised its position in shares of Credo Technology Group by 49.5% during the fourth quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock worth $110,482,000 after purchasing an additional 543,940 shares during the period. Finally, Two Sigma Investments LP raised its position in shares of Credo Technology Group by 55.3% during the fourth quarter. Two Sigma Investments LP now owns 1,515,268 shares of the company's stock worth $101,841,000 after purchasing an additional 539,766 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRDO. Stifel Nicolaus raised their price target on Credo Technology Group from $80.00 to $115.00 and gave the stock a "buy" rating in a research report on Friday. Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Susquehanna reissued a "positive" rating and issued a $90.00 target price (up previously from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Mizuho lifted their target price on Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a research report on Thursday, July 3rd. Finally, Needham & Company LLC boosted their price target on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of "Buy" and a consensus price target of $85.64.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 3,790 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $97.29, for a total value of $368,729.10. Following the sale, the chief financial officer owned 582,428 shares in the company, valued at $56,664,420.12. This represents a 0.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider James Laufman sold 5,000 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $85.07, for a total value of $425,350.00. Following the sale, the insider owned 249,346 shares in the company, valued at approximately $21,211,864.22. This represents a 1.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,078,139 shares of company stock worth $82,013,680. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Stock Down 5.1%

Credo Technology Group stock opened at $93.47 on Monday. The business has a 50-day simple moving average of $78.64 and a 200 day simple moving average of $63.62. Credo Technology Group Holding Ltd. has a 52 week low of $22.50 and a 52 week high of $104.35. The stock has a market cap of $16.04 billion, a price-to-earnings ratio of 346.19, a PEG ratio of 1.68 and a beta of 2.57.

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

Credo Technology Group Company Profile

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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