Blue Trust Inc. Buys Shares of 3,954 Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Blue Trust Inc. 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 Form 13F filing with the Securities and Exchange Commission. The fund bought 3,954 shares of the company's stock, valued at approximately $159,000.

Several other large investors have also modified their holdings of CRDO. Principal Securities Inc. boosted its holdings in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after buying an additional 576 shares in the last quarter. D.A. Davidson & CO. purchased a new position in shares of Credo Technology Group in the 4th quarter valued at approximately $364,000. New York State Common Retirement Fund boosted its stake in Credo Technology Group by 11.2% in the 4th quarter. New York State Common Retirement Fund now owns 60,821 shares of the company's stock worth $4,088,000 after purchasing an additional 6,147 shares in the last quarter. Handelsbanken Fonder AB grew its position in Credo Technology Group by 37.5% during the 4th quarter. Handelsbanken Fonder AB now owns 33,000 shares of the company's stock worth $2,218,000 after purchasing an additional 9,000 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Credo Technology Group by 7.0% in the 4th quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company's stock valued at $37,798,000 after acquiring an additional 36,949 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of analyst reports. Cowen reissued a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Bank of America lowered their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Stifel Nicolaus boosted their price objective on Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Finally, TD Cowen increased their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Twelve analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $81.00.

Insider Activity at Credo Technology Group

In other news, insider James Laufman sold 5,000 shares of the company's stock in a transaction dated 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 now owns 249,346 shares in the company, valued at approximately $21,211,864.22. This represents a 1.97% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 54,297 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $86.38, for a total value of $4,690,174.86. Following the sale, the director now owns 559,428 shares in the company, valued at $48,323,390.64. The trade was a 8.85% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 948,891 shares of company stock worth $59,924,255. 16.04% of the stock is owned by company insiders.

Credo Technology Group Trading Up 0.3%

Shares of NASDAQ:CRDO traded up $0.28 during midday trading on Wednesday, hitting $92.20. 4,044,336 shares of the stock were exchanged, compared to its average volume of 4,044,701. Credo Technology Group Holding Ltd. has a twelve month low of $22.50 and a twelve month high of $95.55. The company has a 50 day moving average price of $60.02 and a 200-day moving average price of $60.49. The stock has a market cap of $15.66 billion, a P/E ratio of 341.48, a PEG ratio of 1.52 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 9.15%. The company had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same quarter in the previous year, the business posted $0.07 earnings per share. The firm's quarterly revenue was up 179.6% compared to the same quarter last year. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Credo Technology Group 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.