Covenant Asset Management LLC Makes New $2.19 Million Investment in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Covenant Asset Management opened a new position in Credo Technology Group, acquiring 15,247 shares worth approximately $2,194,000 in Q4, and overall institutional investors now own about 80.46% of the stock after several other firms added or increased stakes.
• Company insiders have been net sellers recently: the CTO and CEO sold shares worth roughly $3.50M and $5.88M respectively, and insiders disposed of 428,999 shares valued at about $52,946,445 over the last quarter while still holding 11.84% of the company.
• Credo reported a quarterly beat (EPS $1.07 vs. $0.78 expected) with revenue of $407.0M, up 201.5% year-over-year; analysts give a consensus rating of "Moderate Buy" and an average price target near $207.81.

Covenant Asset Management LLC acquired a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,247 shares of the company's stock, valued at approximately $2,194,000.

Other institutional investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Credo Technology Group by 9.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company's stock valued at $39,004,000 after acquiring an additional 23,332 shares in the last quarter. Optimize Financial Inc purchased a new position in Credo Technology Group during the 3rd quarter valued at $1,431,000. Estate Counselors LLC bought a new position in Credo Technology Group in the 3rd quarter worth $2,548,000. Global Trust Asset Management LLC purchased a new stake in shares of Credo Technology Group in the 3rd quarter worth about $2,167,000. Finally, FengHe Fund Management Pte. Ltd. lifted its position in shares of Credo Technology Group by 5.7% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company's stock worth $23,349,000 after purchasing an additional 8,769 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the completion of the transaction, the chief technology officer owned 6,299,870 shares of the company's stock, valued at $802,414,441.90. This trade represents a 0.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at $209,764,835.36. The trade was a 2.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 428,999 shares of company stock valued at $52,946,445 over the last quarter. Company insiders own 11.84% of the company's stock.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $165.92 on Wednesday. The firm's 50-day moving average price is $124.16 and its 200-day moving average price is $138.99. The company has a market capitalization of $30.60 billion, a PE ratio of 92.18 and a beta of 2.72. Credo Technology Group Holding Ltd. has a 1-year low of $40.17 and a 1-year high of $213.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company had revenue of $407.01 million during the quarter, compared to analysts' expectations of $385.94 million. During the same period last year, the company posted $0.25 EPS. Credo Technology Group's revenue was up 201.5% on a year-over-year basis. Equities analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Mizuho decreased their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, March 3rd. Weiss Ratings lowered shares of Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday. Roth Mkm reduced their target price on Credo Technology Group from $250.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, February 10th. Finally, Zacks Research lowered Credo Technology Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of "Moderate Buy" and an average price target of $207.81.

About Credo Technology Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.