Credo Technology Group Holding Ltd. $CRDO Shares Bought by Stephens Investment Management Group LLC

Key Points

• Stephens Investment Management Group nearly doubled its position in Credo Technology Group in the fourth quarter, buying an additional 177,290 shares and bringing its total stake to 355,653 shares worth about $51.2 million.
• Credo reported strong quarterly results, with EPS of $1.07 and revenue of $407.0 million, both beating analyst estimates; revenue also surged 201.5% year over year.
• Despite recent insider selling by the CEO and CTO, analysts remain generally positive on CRDO, with a Moderate Buy consensus and an average price target of $207.71.

Stephens Investment Management Group LLC increased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 99.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 355,653 shares of the company's stock after purchasing an additional 177,290 shares during the period. Stephens Investment Management Group LLC owned 0.20% of Credo Technology Group worth $51,175,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Crewe Advisors LLC boosted its stake in Credo Technology Group by 163.1% in 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. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group in the 3rd quarter worth approximately $25,000. First Horizon Corp acquired a new stake in Credo Technology Group in the 3rd quarter worth approximately $26,000. Flagship Harbor Advisors LLC acquired a new stake in Credo Technology Group in the 4th quarter worth approximately $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in Credo Technology Group in the 4th quarter worth approximately $36,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRDO has been the subject of a number of recent analyst reports. Stifel Nicolaus set a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Needham & Company LLC reiterated a "buy" rating and issued a $220.00 target price on shares of Credo Technology Group in a research note on Wednesday, April 15th. Susquehanna lowered their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a "positive" 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 research report on Friday, April 24th. Finally, Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They set a "buy" rating and a $175.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $207.71.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $172.17 on Friday. The firm has a market cap of $31.76 billion, a price-to-earnings ratio of 95.65 and a beta of 3.17. The company has a 50 day moving average price of $139.79 and a 200-day moving average price of $142.52. Credo Technology Group Holding Ltd. has a 1-year low of $57.21 and a 1-year high of $213.80.

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. The firm had revenue of $407.01 million during the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business's quarterly revenue was up 201.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 EPS. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the transaction, the chief technology officer directly owned 6,272,370 shares of the company's stock, valued at $737,630,712. The trade was a 0.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the business's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the sale, the chief executive officer directly owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 386,608 shares of company stock valued at $50,371,351. Insiders own 11.84% of the company's stock.

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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