Corient Private Wealth LLC Has $3.82 Million Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Corient Private Wealth LLC dramatically increased its stake in Credo Technology Group, boosting holdings by 1,665.6% in the fourth quarter to 26,573 shares worth about $3.82 million.
• Insider selling continued, with directors Fariba Danesh and Sylvia Acevedo recently selling shares; overall, insiders have sold 416,884 shares valued at $77.5 million over the past 90 days.
• Analysts remain bullish on CRDO, with several firms raising price targets and the stock carrying an average “Buy” rating and average target of $263.11. The company also beat quarterly expectations, reporting $1.16 EPS and $437 million in revenue, up 157% year over year.

Corient Private Wealth LLC raised its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 1,665.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,573 shares of the company's stock after acquiring an additional 25,068 shares during the quarter. Corient Private Wealth LLC's holdings in Credo Technology Group were worth $3,824,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CRDO. Northwestern Mutual Wealth Management Co. grew its stake in shares of Credo Technology Group by 16.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company's stock worth $80,000 after purchasing an additional 77 shares during the period. Mark Sheptoff Financial Planning LLC lifted its stake in Credo Technology Group by 2.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company's stock valued at $741,000 after buying an additional 100 shares during the period. Spirepoint Private Client LLC lifted its stake in Credo Technology Group by 6.6% in the fourth quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company's stock valued at $243,000 after buying an additional 105 shares during the period. Crewe Advisors LLC boosted its holdings in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after buying an additional 106 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in Credo Technology Group by 14.8% during the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company's stock worth $125,000 after buying an additional 111 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Insiders Place Their Bets

In other Credo Technology Group news, Director Fariba Danesh sold 1,100 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total value of $259,974.00. Following the sale, the director owned 7,017 shares in the company, valued at approximately $1,658,397.78. The trade was a 13.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sylvia Acevedo sold 2,208 shares of the company's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $211.00, for a total value of $465,888.00. Following the transaction, the director directly owned 16,337 shares of the company's stock, valued at approximately $3,447,107. This trade represents a 11.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 416,884 shares of company stock worth $77,492,368 in the last 90 days. Company insiders own 11.84% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CRDO. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Evercore initiated coverage on shares of Credo Technology Group in a report on Monday, June 22nd. They set an "outperform" rating and a $325.00 price objective for the company. Jefferies Financial Group upped their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Roth Mkm increased their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Finally, Mizuho lifted their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an "outperform" rating in a research report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and an average price target of $263.11.

Credo Technology Group Stock Performance

Shares of CRDO opened at $238.44 on Friday. Credo Technology Group Holding Ltd. has a twelve month low of $84.25 and a twelve month high of $308.67. The firm's 50 day moving average price is $213.03 and its two-hundred day moving average price is $157.26. The firm has a market cap of $44.47 billion, a P/E ratio of 96.15, a PEG ratio of 1.09 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm's quarterly revenue was up 157.0% on a year-over-year basis. During the same period last year, the business posted $0.20 earnings per share. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group, Inc NASDAQ: CRDO is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.

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