Cetera Investment Advisers Acquires 25,539 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Cetera Investment Advisers increased its stake in Credo Technology Group by 213.6% in the first quarter, acquiring an additional 25,539 shares for a total holding of 37,495 shares valued at approximately $1.51 million.
• Credo Technology Group recently reported a 179.6% increase in year-over-year revenue, with earnings per share of $0.35, surpassing analyst expectations of $0.27.
• A significant shift in analyst ratings has occurred, with one analyst downgrading Credo Technology from a "buy" to a "hold," while several others raised their price targets, indicating mixed sentiment among market experts.

Cetera Investment Advisers boosted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 213.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,495 shares of the company's stock after purchasing an additional 25,539 shares during the period. Cetera Investment Advisers' holdings in Credo Technology Group were worth $1,506,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new position in Credo Technology Group during the 1st quarter valued at about $27,000. Quarry LP bought a new position in Credo Technology Group during the 4th quarter valued at about $58,000. Optimum Investment Advisors bought a new position in Credo Technology Group during the 1st quarter valued at about $52,000. Larson Financial Group LLC grew 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 purchasing an additional 245 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Credo Technology Group by 103.5% during the 1st quarter. GAMMA Investing LLC now owns 1,982 shares of the company's stock valued at $80,000 after purchasing an additional 1,008 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have commented on CRDO shares. Wall Street Zen downgraded shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the company a "buy" rating in a research note on Friday, June 13th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Finally, 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. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $87.91.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 150,000 shares of the business's stock in a transaction that occurred on 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 transaction, the chief executive officer owned 2,061,978 shares of the company's stock, valued at $220,363,588.86. The trade was a 6.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction on 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 completion of the sale, the chief technology officer owned 7,108,961 shares of the company's stock, valued at $761,511,902.32. This trade represents a 0.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,274,583 shares of company stock worth $113,118,257 in the last 90 days. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Stock Down 3.5%

Credo Technology Group stock traded down $4.37 during midday trading on Wednesday, hitting $121.01. The company's stock had a trading volume of 4,067,248 shares, compared to its average volume of 5,236,664. The stock's 50-day moving average price is $95.05 and its 200-day moving average price is $67.64. Credo Technology Group Holding Ltd. has a 12 month low of $24.08 and a 12 month high of $128.56. The company has a market capitalization of $20.77 billion, a PE ratio of 446.56, a price-to-earnings-growth ratio of 2.13 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The business had revenue of $170.00 million for 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%. Credo Technology Group's quarterly revenue was up 179.6% on a year-over-year basis. During the same quarter last year, the company posted $0.07 earnings per share. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS 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.