Credo Technology Group Holding Ltd. $CRDO Shares Acquired by Quantinno Capital Management LP

Key Points

• Quantinno Capital Management increased its Credo Technology Group stake by 68.4% in the first quarter, bringing its holdings to 34,124 shares valued at approximately $3.2 million. Institutional investors collectively own 80.46% of CRDO.
• Credo insiders sold 435,076 shares worth roughly $101 million over the last quarter, including sizable Rule 10b5-1 plan sales by the COO and CTO.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $266.17. The company also reported quarterly revenue growth of 157% year over year and earnings above expectations.

Quantinno Capital Management LP boosted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 68.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,124 shares of the company's stock after acquiring an additional 13,859 shares during the quarter. Quantinno Capital Management LP's holdings in Credo Technology Group were worth $3,203,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Reflection Asset Management purchased a new stake in shares of Credo Technology Group in the 4th quarter valued at approximately $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group during the 4th quarter worth $25,000. Flagship Harbor Advisors LLC purchased a new stake in shares of Credo Technology Group during the 4th quarter worth $32,000. AlphaCentric Advisors LLC acquired a new position in shares of Credo Technology Group during the first quarter worth $33,000. Finally, Smallwood Wealth Investment Management LLC acquired a new position in shares of Credo Technology Group during the fourth quarter worth $36,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 55,441 shares of Credo Technology Group stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the transaction, the chief operating officer directly owned 2,529,169 shares of the company's stock, valued at $538,763,580.38. The trade was a 2.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,473 shares of the company's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the sale, the chief technology officer owned 5,772,397 shares of the company's stock, valued at approximately $1,209,490,343.41. This trade represents a 0.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 435,076 shares of company stock worth $101,043,506. 11.84% of the stock is owned by insiders.

Analyst Ratings Changes

CRDO has been the topic of a number of analyst reports. TD Cowen raised their price target on Credo Technology Group from $240.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Barclays increased their price objective on Credo Technology Group from $260.00 to $300.00 and gave the company an "overweight" rating in a report on Monday, July 20th. Needham & Company LLC raised their target price on Credo Technology Group from $220.00 to $275.00 and gave the stock a "buy" rating in a research report on Monday, June 1st. Bank of America boosted their target price on Credo Technology Group from $252.00 to $340.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Finally, Roth Capital increased their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $266.17.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $249.89 on Friday. The stock's 50-day moving average is $237.43 and its two-hundred day moving average is $174.54. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The firm has a market cap of $46.60 billion, a price-to-earnings ratio of 100.76, a PEG ratio of 1.14 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business's quarterly revenue was up 157.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.20 EPS. As a group, research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Credo Technology Group 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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