Cookson Peirce & Co. Inc. Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Cookson Peirce & Co. Inc. has made a new investment in Credo Technology Group, purchasing 12,000 shares valued at approximately $1,111,000 during the second quarter.
• Credo Technology Group's earnings report showed a 273.6% increase in revenue year-over-year, posting $223.07 million, although the EPS was slightly below the consensus estimate.
• Multiple institutional investors have increased their stakes in Credo, which now has 80.46% of its stock owned by institutional investors, reflecting strong institutional confidence in the company.

Cookson Peirce & Co. Inc. purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 12,000 shares of the company's stock, valued at approximately $1,111,000.

A number of other institutional investors also recently added to or reduced their stakes in CRDO. Cullen Frost Bankers Inc. boosted its holdings in Credo Technology Group by 278.4% in the second quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company's stock worth $44,000 after acquiring an additional 348 shares in the last quarter. Princeton Global Asset Management LLC acquired a new position in Credo Technology Group in the second quarter valued at approximately $2,542,000. Stephens Inc. AR acquired a new position in Credo Technology Group in the second quarter valued at approximately $1,810,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Credo Technology Group in the second quarter valued at approximately $1,954,000. Finally, Cannon Global Investment Management LLC purchased a new stake in shares of Credo Technology Group in the second quarter valued at approximately $398,000. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

Shares of CRDO opened at $137.20 on Thursday. The stock's 50-day moving average is $140.16 and its two-hundred day moving average is $96.95. The stock has a market cap of $23.74 billion, a PE ratio of 204.78 and a beta of 2.60. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $176.70.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $190.63 million. During the same quarter last year, the firm posted $0.04 EPS. The company's revenue was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $163.98, for a total transaction of $9,018,900.00. Following the completion of the transaction, the chief technology officer directly owned 6,998,961 shares of the company's stock, valued at approximately $1,147,689,624.78. This represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 80,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $143.53, for a total value of $11,482,400.00. Following the completion of the transaction, the chief operating officer directly owned 920,000 shares of the company's stock, valued at $132,047,600. This trade represents a 8.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,006,589 shares of company stock valued at $138,151,863 over the last three months. 11.84% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CRDO. TD Cowen started coverage on Credo Technology Group in a research report on Wednesday, October 1st. They set a "buy" rating and a $170.00 price target for the company. Roth Capital restated a "buy" rating and set a $170.00 price target on shares of Credo Technology Group in a report on Tuesday, September 30th. Barclays reiterated an "overweight" rating and issued a $165.00 price objective on shares of Credo Technology Group in a report on Tuesday, October 7th. Zacks Research upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 8th. Finally, JPMorgan Chase & Co. started coverage on Credo Technology Group in a report on Friday, October 17th. They issued an "overweight" rating and a $165.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of "Buy" and an average target price of $140.36.

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.

Want to see what other hedge funds are holding CRDO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.