Capula Management Ltd Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Capula Management Ltd opened a new position in Credo Technology Group, buying 38,073 shares worth about $3.57 million in the first quarter.
• Credo reported strong quarterly results, with EPS of $1.16 beating estimates and revenue of $437 million, up 157% year over year.
• Insider selling continued, including sales by Director Sylvia Acevedo and CFO Daniel W. Fleming, while analysts remain broadly positive with a consensus Buy rating and average price target of $266.17.

Capula Management Ltd purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 38,073 shares of the company's stock, valued at approximately $3,574,000.

Several other hedge funds also recently modified their holdings of the company. NewEdge Advisors LLC lifted its holdings in shares of Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock valued at $284,000 after buying an additional 3,972 shares during the period. Goldman Sachs Group Inc. grew its holdings in Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after acquiring an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company's stock worth $12,480,000 after acquiring an additional 7,107 shares during the period. CW Advisors LLC bought a new stake in Credo Technology Group in the second quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC raised its position in Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock worth $46,000 after acquiring an additional 333 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Credo Technology Group news, Director Sylvia Acevedo sold 2,208 shares of Credo Technology Group stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $211.00, for a total transaction of $465,888.00. Following the transaction, the director directly owned 16,337 shares in the company, valued at approximately $3,447,107. The trade was a 11.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 7,580 shares of the business's stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the sale, the chief financial officer directly owned 504,708 shares in the company, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 302,162 shares of company stock worth $70,897,646 in the last quarter. Insiders own 11.84% of the company's stock.

Credo Technology Group Stock Up 3.6%

NASDAQ:CRDO opened at $236.50 on Friday. The stock has a fifty day simple moving average of $234.46 and a 200 day simple moving average of $169.58. The firm has a market capitalization of $44.10 billion, a price-to-earnings ratio of 95.36, a price-to-earnings-growth ratio of 1.04 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the previous year, the company earned $0.20 EPS. The business's revenue for the quarter was up 157.0% compared to the same quarter last year. Equities analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on CRDO. Evercore started coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They set an "outperform" rating and a $325.00 price objective for the company. Zacks Research upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 19th. The Goldman Sachs Group reissued a "buy" rating and set a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. raised their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an "overweight" rating in a report on Tuesday, June 2nd. Finally, Rosenblatt Securities lifted their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of "Buy" and a consensus price target of $266.17.

About Credo Technology Group

Credo Technology Group, Inc NASDAQ: CRDO is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.

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