Credo Technology Group Holding Ltd. $CRDO Shares Purchased by Capelight Capital Asset Management LP

Key Points

• Capelight Capital Asset Management increased its stake in Credo Technology Group by 81.8% in the first quarter, ending with 20,000 shares valued at about $1.88 million.
• Credo reported strong quarterly results, posting $1.16 EPS versus $1.02 expected and revenue of $437 million, up 157% year over year.
• Wall Street remains bullish on CRDO, with multiple analysts raising price targets and a consensus rating of Buy with an average target price of $263.11.

Capelight Capital Asset Management LP boosted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 81.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 20,000 shares of the company's stock after acquiring an additional 9,000 shares during the period. Credo Technology Group comprises approximately 1.3% of Capelight Capital Asset Management LP's holdings, making the stock its 24th biggest holding. Capelight Capital Asset Management LP's holdings in Credo Technology Group were worth $1,877,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Crewe Advisors LLC lifted its position in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after buying an additional 106 shares during the period. Reflection Asset Management purchased a new stake in Credo Technology Group in the 4th quarter valued at about $25,000. Acumen Wealth Advisors LLC purchased a new stake in Credo Technology Group in the 4th quarter valued at about $25,000. Flagship Harbor Advisors LLC acquired a new position in shares of Credo Technology Group during the 4th quarter valued at about $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new position in shares of Credo Technology Group during the 4th quarter valued at about $36,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction on Friday, April 10th. The stock was sold at an average price of $118.25, for a total value of $3,251,875.00. Following the completion of the sale, the chief technology officer directly owned 6,134,870 shares in the company, valued at approximately $725,448,377.50. This represents a 0.45% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 40,000 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the completion of the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. In the last 90 days, insiders have sold 405,095 shares of company stock worth $81,206,774. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group Stock Performance

CRDO opened at $241.91 on Friday. 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 50 day moving average price of $219.87 and a 200 day moving average price of $159.87. The company has a market cap of $45.11 billion, a PE ratio of 97.54, a price-to-earnings-growth ratio of 1.18 and a beta of 3.20.

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a "buy" rating in a research report on Monday, June 22nd. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They set a "buy" rating and a $206.00 price target for the company. Susquehanna upped 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 report on Tuesday, June 2nd. JPMorgan Chase & Co. lifted their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an "overweight" rating in a report on Tuesday, June 2nd. Finally, TD Cowen lifted their price target on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Credo Technology Group has an average rating of "Buy" and a consensus target price of $263.11.

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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