Credo Technology Group Holding Ltd. $CRDO Shares Bought by Kestra Private Wealth Services LLC

Key Points

• Kestra Private Wealth Services LLC increased its stake in Credo Technology Group by 38.8% in the first quarter, buying 6,355 additional shares and bringing its total holdings to 22,745 shares worth about $2.14 million.
• Credo Technology Group reported better-than-expected quarterly results, with EPS of $1.16 versus the $1.02 estimate and revenue of $437 million, up 157% year over year.
• Analysts remain bullish on the stock: the company has a Buy consensus rating and an average price target of $263.11, while several firms recently raised their targets.

Kestra Private Wealth Services LLC boosted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 38.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,745 shares of the company's stock after purchasing an additional 6,355 shares during the quarter. Kestra Private Wealth Services LLC's holdings in Credo Technology Group were worth $2,135,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the business. Blue Trust Inc. grew its holdings in Credo Technology Group by 6.7% in the 1st quarter. Blue Trust Inc. now owns 5,044 shares of the company's stock valued at $473,000 after buying an additional 315 shares during the period. Banque Cantonale Vaudoise lifted its stake in shares of Credo Technology Group by 27.8% in the 1st quarter. Banque Cantonale Vaudoise now owns 26,136 shares of the company's stock valued at $2,452,000 after purchasing an additional 5,680 shares in the last quarter. Wealth Management Partners LLC grew its holdings in shares of Credo Technology Group by 4.7% during the 1st quarter. Wealth Management Partners LLC now owns 3,097 shares of the company's stock worth $291,000 after purchasing an additional 138 shares during the period. Robbins Farley increased its position in Credo Technology Group by 105.9% during the 1st quarter. Robbins Farley now owns 12,677 shares of the company's stock worth $1,190,000 after purchasing an additional 6,521 shares in the last quarter. Finally, Brookstone Capital Management purchased a new position in Credo Technology Group in the first quarter valued at approximately $340,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Up 0.2%

CRDO stock opened at $238.44 on Monday. Credo Technology Group Holding Ltd. has a fifty-two week low of $84.25 and a fifty-two week high of $308.67. The company has a market capitalization of $44.47 billion, a P/E ratio of 96.15, a PEG ratio of 1.09 and a beta of 3.22. The company has a 50-day simple moving average of $213.03 and a 200 day simple moving average of $157.10.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted 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. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the previous year, the business earned $0.20 EPS. The company's quarterly revenue was up 157.0% compared to the same quarter last year. Equities analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several recent research reports. Zacks Research raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 19th. Craig Hallum reissued a "buy" rating and issued a $200.00 price objective on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Jefferies Financial Group boosted their price target on Credo Technology Group from $225.00 to $270.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Mizuho raised their target price on Credo Technology Group from $260.00 to $290.00 and gave the company an "outperform" rating in a research note on Tuesday, June 2nd. Finally, Susquehanna lifted their price target on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a "positive" rating in a research note on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $263.11.

Insider Buying and Selling at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 40,000 shares of Credo Technology Group stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. The trade was a 7.38% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Fariba Danesh sold 1,100 shares of the business's stock in a transaction dated 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. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 416,884 shares of company stock worth $77,492,368. 11.84% of the stock is owned by insiders.

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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