Credo Technology Group Holding Ltd. $CRDO Holdings Lifted by Harbour Investments Inc.

Key Points

• Harbour Investments Inc. increased its stake in Credo Technology Group by 362.4% during the second quarter, raising its position to 3,362 shares valued at $311,000.
• Credo Technology Group's earnings report showed earnings per share of $0.34, missing expectations, while revenue surged 273.6% year-over-year to $223.07 million.
• The company is receiving positive analyst attention, with Zacks Research upgrading its rating to "strong-buy" and multiple firms increasing their price targets, reflecting a consensus rating of "Buy".

Harbour Investments Inc. boosted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 362.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,362 shares of the company's stock after buying an additional 2,635 shares during the quarter. Harbour Investments Inc.'s holdings in Credo Technology Group were worth $311,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Swedbank AB lifted its holdings in shares of Credo Technology Group by 29.5% during the first quarter. Swedbank AB now owns 3,219,125 shares of the company's stock valued at $129,280,000 after purchasing an additional 733,811 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Credo Technology Group by 6.1% during the first quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company's stock valued at $74,151,000 after purchasing an additional 105,405 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock valued at $61,235,000 after purchasing an additional 589,151 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Credo Technology Group during the first quarter valued at $52,636,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Credo Technology Group by 74.3% during the first quarter. The Manufacturers Life Insurance Company now owns 1,098,369 shares of the company's stock valued at $44,110,000 after purchasing an additional 468,145 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Down 4.9%

Shares of Credo Technology Group stock opened at $144.17 on Wednesday. The stock has a 50-day moving average price of $139.84 and a 200 day moving average price of $96.67. The company has a market cap of $24.94 billion, a P/E ratio of 215.18 and a beta of 2.60. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $176.70.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share 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 firm had revenue of $223.07 million during the quarter, compared to analyst estimates of $190.63 million. During the same period in the previous year, the company earned $0.04 earnings per share. The business'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. On average, equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CRDO has been the subject of several analyst reports. Zacks Research raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, September 8th. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a report on Thursday, September 4th. Stifel Nicolaus set a $160.00 price objective on Credo Technology Group in a research note on Wednesday, October 1st. Needham & Company LLC increased their price objective on Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Finally, Susquehanna increased their price objective on Credo Technology Group from $115.00 to $165.00 and gave the stock a "positive" rating in a research note on Thursday, September 4th. 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. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $139.45.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 150,000 shares of the company's stock in a transaction dated 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 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 position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Daniel W. Fleming sold 112,580 shares of the company's stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the transaction, the chief financial officer directly owned 458,678 shares in the company, valued at approximately $63,389,299.60. The trade was a 19.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 951,589 shares of company stock valued at $129,883,163. 11.84% of the stock is currently owned by company insiders.

About Credo Technology Group

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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