CenterBook Partners LP Makes New $1.34 Million Investment in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• CenterBook Partners LP acquired 33,310 shares of Credo Technology Group, valued at approximately $1,338,000, in its latest SEC filing.
• Insider trading activity includes the sale of shares by Director Pantas Sutardja and CEO William Joseph Brennan, resulting in a total insider sale of 1,274,583 shares worth over $113 million in the last quarter.
• Equities analysts have set a consensus target price of $87.91 for Credo Technology Group, with several analysts maintaining a "buy" rating, indicating positive outlook for the stock.

CenterBook Partners LP bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 33,310 shares of the company's stock, valued at approximately $1,338,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in Credo Technology Group during the 1st quarter worth $27,000. Harbour Investments Inc. purchased a new position in shares of Credo Technology Group in the 1st quarter valued at about $29,000. Optimum Investment Advisors purchased a new position in Credo Technology Group during the 1st quarter valued at about $52,000. Larson Financial Group LLC increased its holdings in Credo Technology Group by 21.5% during the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after acquiring an additional 245 shares in the last quarter. Finally, Quarry LP purchased a new position in Credo Technology Group during the 4th quarter valued at about $58,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

Shares of CRDO traded up $0.63 during midday trading on Friday, hitting $120.41. 2,917,546 shares of the stock traded hands, compared to its average volume of 4,330,842. Credo Technology Group Holding Ltd. has a 1-year low of $24.08 and a 1-year high of $121.50. The firm has a market capitalization of $20.67 billion, a PE ratio of 445.96, a price-to-earnings-growth ratio of 2.15 and a beta of 2.59. The business's 50 day moving average price is $92.86 and its two-hundred day moving average price is $67.22.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CRDO shares. Wall Street Zen cut shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Susquehanna lifted their price objective on shares of Credo Technology Group from $90.00 to $115.00 and gave the company a "positive" rating in a research note on Tuesday, July 22nd. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Finally, Cowen restated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of "Buy" and an average price target of $87.91.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $107.12, for a total value of $5,891,600.00. Following the sale, the chief technology officer directly owned 7,108,961 shares in the company, valued at approximately $761,511,902.32. The trade was a 0.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William Joseph Brennan sold 150,000 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the completion of the sale, the chief executive officer owned 2,061,978 shares in the company, valued at approximately $220,363,588.86. This trade represents a 6.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,274,583 shares of company stock worth $113,118,257. 16.04% of the stock is owned by company insiders.

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.