City Center Advisors LLC Takes $472,000 Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• City Center Advisors LLC has acquired a new stake in Credo Technology Group Holding Ltd. worth approximately $472,000 during the second quarter.
• Analysts have set new target prices for CRDO shares, with Roth Capital raising it from $95.00 to $160.00 and Mizuho increasing it from $135.00 to $155.00, indicating a positive outlook for the company's stock.
• In the most recent quarter, Credo Technology reported $223.07 million in revenue, significantly exceeding the analysts' expectations of $190.63 million, reflecting a 273.6% year-over-year growth.

City Center Advisors LLC acquired a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 5,103 shares of the company's stock, valued at approximately $472,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Operose Advisors LLC lifted its stake in shares of Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after purchasing an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. bought a new stake in Credo Technology Group in the 1st quarter valued at about $25,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Credo Technology Group in the 1st quarter valued at about $27,000. Harbour Investments Inc. bought a new stake in Credo Technology Group in the 1st quarter valued at about $29,000. Finally, Virtus Advisers LLC bought a new stake in Credo Technology Group in the 1st quarter valued at about $31,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on CRDO shares. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research report on Thursday, September 4th. Roth Capital boosted their target price on Credo Technology Group from $95.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Mizuho boosted their target price on Credo Technology Group from $135.00 to $155.00 and gave the company an "outperform" rating in a research report on Thursday, September 4th. TD Cowen boosted their target price on Credo Technology Group from $140.00 to $160.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Finally, Zacks Research raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 8th. Two research analysts have rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company's stock. According to data from MarketBeat, Credo Technology Group has a consensus rating of "Buy" and an average target price of $126.27.

Credo Technology Group Stock Performance

Shares of CRDO opened at $161.99 on Friday. The stock has a 50 day moving average price of $115.91 and a two-hundred day moving average price of $77.00. The firm has a market capitalization of $28.02 billion, a P/E ratio of 241.78 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 52 week low of $26.96 and a 52 week high of $168.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued 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). The company had revenue of $223.07 million for the quarter, compared to the consensus estimate of $190.63 million. Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The business's revenue for the quarter was up 273.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.04 earnings per share. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Activity

In other news, CEO William Joseph Brennan sold 150,000 shares of the company'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 value of $16,030,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,061,978 shares of the company's stock, valued at $220,363,588.86. This represents a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Monday, July 14th. The shares were sold at an average price of $98.53, for a total value of $5,419,150.00. Following the completion of the transaction, the chief technology officer directly owned 7,273,961 shares of the company's stock, valued at approximately $716,703,377.33. This represents a 0.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,033,917 shares of company stock valued at $99,967,419 over the last three months. Corporate insiders own 11.84% of the company's stock.

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.

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