Credo Technology Group Holding Ltd. $CRDO Shares Acquired by Oppenheimer Asset Management Inc.

Key Points

• Oppenheimer Asset Management boosted its stake in Credo Technology Group by 336.4% in Q4, buying an additional 37,551 shares to hold 48,712 shares worth about $7.01 million.
• Credo beat expectations in its most recent quarter — $1.07 EPS vs $0.78 expected and $407.01M revenue (up 201.5% YoY) — and carries a consensus analyst target of about $207.71 with most ratings at Buy/Strong Buy.
• Insiders have been selling recently (359,108 shares worth roughly $45.45M in the last three months, including the CTO selling 27,500 shares), while institutional investors own about 80.46% of the stock and insiders hold 11.84%.

Oppenheimer Asset Management Inc. grew its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 336.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,712 shares of the company's stock after buying an additional 37,551 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Credo Technology Group were worth $7,009,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Credo Technology Group in the third quarter valued at $25,000. Crewe Advisors LLC grew its stake in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after purchasing an additional 106 shares in the last quarter. First Horizon Corp acquired a new position in Credo Technology Group during the 3rd quarter worth $26,000. Flagship Harbor Advisors LLC acquired a new position in Credo Technology Group during the 4th quarter worth $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new position in Credo Technology Group during the 4th quarter worth $36,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $184.38 on Friday. Credo Technology Group Holding Ltd. has a fifty-two week low of $45.65 and a fifty-two week high of $213.80. The company has a market capitalization of $34.01 billion, a P/E ratio of 102.43 and a beta of 3.17. The stock has a 50-day simple moving average of $125.98 and a 200-day simple moving average of $139.42.

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

Analysts Set New Price Targets

CRDO has been the subject of several analyst reports. Needham & Company LLC reissued a "buy" rating and set a $220.00 target price on shares of Credo Technology Group in a research note on Wednesday, April 15th. Stifel Nicolaus set a $200.00 target price on Credo Technology Group in a research note on Tuesday, March 3rd. Weiss Ratings cut Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, April 24th. Zacks Research cut Credo Technology Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. Finally, Craig Hallum reissued a "buy" rating and set a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $207.71.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 27,500 shares of the business's stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $179.33, for a total value of $4,931,575.00. Following the completion of the sale, the chief technology officer directly owned 6,052,370 shares of the company's stock, valued at approximately $1,085,371,512.10. The trade was a 0.45% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 10,000 shares of the business's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $164.41, for a total value of $1,644,100.00. Following the completion of the sale, the insider directly owned 198,609 shares of the company's stock, valued at $32,653,305.69. The trade was a 4.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 359,108 shares of company stock worth $45,449,126. Corporate insiders own 11.84% of the company's stock.

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.

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