Cambridge Investment Research Advisors Inc. Buys 2,947 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Cambridge Investment Research Advisors Inc. boosted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 15.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 21,730 shares of the company's stock after purchasing an additional 2,947 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Credo Technology Group were worth $873,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of CRDO. Norges Bank purchased a new position in Credo Technology Group in the fourth quarter valued at approximately $117,242,000. Alliancebernstein L.P. lifted its stake in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after purchasing an additional 1,305,594 shares during the last quarter. Polar Capital Holdings Plc lifted its stake in Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock valued at $97,527,000 after purchasing an additional 1,150,084 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Credo Technology Group by 441.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock valued at $65,594,000 after purchasing an additional 795,751 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in Credo Technology Group by 281.7% in the fourth quarter. Bank of America Corp DE now owns 391,446 shares of the company's stock valued at $26,309,000 after purchasing an additional 606,850 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 59,641 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36. Following the transaction, the chief technology officer owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. This represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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. In the last three months, insiders sold 1,086,139 shares of company stock worth $78,743,913. 16.04% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CRDO has been the topic of several recent research reports. 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 report on Wednesday, June 18th. Susquehanna restated a "positive" rating and set a $90.00 target price (up previously from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Cowen restated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Finally, Needham & Company LLC increased their target price 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. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $82.45.

Credo Technology Group Trading Down 0.3%

Shares of Credo Technology Group stock traded down $0.30 during trading on Thursday, hitting $97.29. The stock had a trading volume of 4,829,119 shares, compared to its average volume of 4,173,980. The firm has a market cap of $16.70 billion, a price-to-earnings ratio of 360.33, a P/E/G ratio of 1.68 and a beta of 2.57. Credo Technology Group Holding Ltd. has a 12 month low of $22.50 and a 12 month high of $99.36. The business's 50-day moving average is $71.66 and its 200 day moving average is $62.31.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its 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. The business had revenue of $170.00 million for the quarter, compared to analysts' expectations 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 revenue was up 179.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.07 earnings per share. As a group, equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS 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.