Credo Technology Group Holding Ltd. $CRDO Shares Purchased by Cookson Peirce & Co. Inc.

Key Points

• Cookson Peirce & Co. Inc. boosted its stake in Credo Technology Group by 79.1% in the fourth quarter, buying 15,586 more shares and ending with 35,283 shares worth about $5.1 million.
• Credo Technology Group reported strong quarterly results, with earnings of $1.16 per share topping estimates and revenue rising 157% year over year to $437 million.
• Several analysts turned more bullish on the stock, with firms including Roth Mkm, JPMorgan, and TD Cowen raising price targets; the stock now carries a Moderate Buy consensus and an average target of $248.41.

Cookson Peirce & Co. Inc. grew its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 79.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 35,283 shares of the company's stock after purchasing an additional 15,586 shares during the period. Cookson Peirce & Co. Inc.'s holdings in Credo Technology Group were worth $5,077,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Crewe Advisors LLC increased its holdings in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after purchasing an additional 106 shares during the period. Atlantic Union Bankshares Corp acquired a new position in shares of Credo Technology Group during the third quarter valued at $25,000. Flagship Harbor Advisors LLC acquired a new position in shares of Credo Technology Group during the fourth quarter valued at $32,000. Smallwood Wealth Investment Management LLC acquired a new position in shares of Credo Technology Group during the fourth quarter valued at $36,000. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company's stock valued at $38,000 after purchasing an additional 147 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Down 4.9%

NASDAQ:CRDO opened at $206.89 on Friday. The business's 50-day moving average price is $169.65 and its 200 day moving average price is $147.19. The firm has a market cap of $38.16 billion, a P/E ratio of 83.42, a PEG ratio of 1.34 and a beta of 3.22. Credo Technology Group Holding Ltd. has a 52-week low of $66.75 and a 52-week high of $245.95.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released 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 return on equity of 36.99% and a net margin of 35.37%.The business had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter last year, the company posted $0.20 EPS. Credo Technology Group's revenue for the quarter was up 157.0% on a year-over-year basis. Sell-side analysts expect that Credo Technology Group Holding Ltd. will post 3.93 EPS for the current year.

Insiders Place Their Bets

In related news, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at $209,764,835.36. This trade represents a 2.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company's stock, valued at $737,630,712. This trade represents a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 386,608 shares of company stock valued at $50,371,351 in the last quarter. 11.84% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research analyst reports. Weiss Ratings raised Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Roth Mkm lifted their target price on Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Stifel Nicolaus set a $250.00 target price on Credo Technology Group in a report on Wednesday, May 27th. JPMorgan Chase & Co. lifted their target price on Credo Technology Group from $230.00 to $250.00 and gave the stock an "overweight" rating in a report on Tuesday, June 2nd. Finally, TD Cowen lifted their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Credo Technology Group has an average rating of "Moderate Buy" and an average price target of $248.41.

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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