Cinctive Capital Management LP Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Cinctive Capital Management LP has acquired a new position in Credo Technology Group, purchasing 23,004 shares valued at approximately $924,000 during the first quarter.
• Institutional investors hold 80.46% of Credo Technology Group's stock, indicating strong investor interest in the company.
• Recent earnings results revealed that Credo Technology Group reported $223.07 million in revenue for the quarter, significantly exceeding expectations, though earnings per share missed the consensus estimate.

Cinctive Capital Management LP acquired a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 23,004 shares of the company's stock, valued at approximately $924,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Operose Advisors LLC increased its stake in shares of Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after acquiring an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in Credo Technology Group in the first quarter valued at about $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group in the 1st quarter worth about $27,000. Harbour Investments Inc. acquired a new position in Credo Technology Group in the 1st quarter worth about $29,000. Finally, Virtus Advisers LLC purchased a new stake in shares of Credo Technology Group during the 1st quarter worth about $31,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Trading Up 1.0%

Credo Technology Group stock traded up $1.50 on Tuesday, reaching $149.03. 4,242,194 shares of the stock were exchanged, compared to its average volume of 5,255,082. Credo Technology Group Holding Ltd. has a twelve month low of $24.47 and a twelve month high of $151.72. The firm has a fifty day moving average price of $110.49 and a two-hundred day moving average price of $74.46. The stock has a market cap of $25.78 billion, a PE ratio of 222.43 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The business had revenue of $223.07 million during the quarter, compared to the consensus estimate of $190.63 million. During the same quarter in the previous year, the firm posted $0.04 earnings per share. The company's revenue for the quarter was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. Equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on CRDO shares. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Needham & Company LLC increased their price target on shares of Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Wall Street Zen upgraded shares of Credo Technology Group from a "hold" rating to a "buy" rating in a report on Friday. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Thursday, September 4th. Finally, Susquehanna raised their target price on Credo Technology Group from $115.00 to $165.00 and gave the company a "positive" rating in a report on Thursday, September 4th. One investment analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $126.27.

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $97.29, for a total value of $368,729.10. Following the sale, the chief financial officer owned 582,428 shares in the company, valued at approximately $56,664,420.12. This trade represents a 0.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 46,444 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $106.87, for a total transaction of $4,963,470.28. Following the transaction, the chief executive officer owned 393,338 shares of the company's stock, valued at approximately $42,036,032.06. The trade was a 10.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,068,654 shares of company stock valued at $97,805,783 over the last ninety days. 11.84% of the stock is owned by insiders.

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.