Credo Technology Group Holding Ltd. $CRDO Shares Purchased by Elemental Capital Partners LLC

Key Points

• Elemental Capital Partners boosted its stake in Credo Technology Group by 21.5% in the first quarter, making CRDO its third-largest position and about 9.3% of its portfolio.
• Several analysts raised their price targets on the stock, with the current consensus rating at Buy and an average price target of $263.11.
• Credo reported strong quarterly results, including EPS of $1.16 and revenue of $437 million, both above estimates, with revenue up 157% year over year.

Elemental Capital Partners LLC raised its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 21.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 233,568 shares of the company's stock after purchasing an additional 41,358 shares during the quarter. Credo Technology Group makes up about 9.3% of Elemental Capital Partners LLC's investment portfolio, making the stock its 3rd largest position. Elemental Capital Partners LLC owned approximately 0.13% of Credo Technology Group worth $21,925,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of CRDO. Northwestern Mutual Wealth Management Co. increased its stake in shares of Credo Technology Group by 16.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company's stock valued at $80,000 after buying an additional 77 shares in the last quarter. Mark Sheptoff Financial Planning LLC lifted its position in Credo Technology Group by 2.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company's stock worth $741,000 after buying an additional 100 shares in the last quarter. Spirepoint Private Client LLC grew its holdings in Credo Technology Group by 6.6% during the 4th quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company's stock worth $243,000 after acquiring an additional 105 shares during the last quarter. Crewe Advisors LLC grew its holdings in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after acquiring an additional 106 shares during the last quarter. Finally, CIBC Private Wealth Group LLC increased its position in Credo Technology Group by 14.8% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company's stock valued at $125,000 after acquiring an additional 111 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. TD Cowen boosted their target price on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Jefferies Financial Group increased their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a "buy" rating in a report on Monday, June 22nd. Zacks Research upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 19th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and a consensus price target of $263.11.

Insiders Place Their Bets

In related news, Director Fariba Danesh sold 1,100 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total transaction of $259,974.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Joseph Brennan sold 54,984 shares of the company's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the sale, the chief executive officer directly owned 367,327 shares of the company's stock, valued at $80,286,662.39. The trade was a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 405,095 shares of company stock worth $81,206,774 over the last ninety days. Company insiders own 11.84% of the company's stock.

Credo Technology Group Trading Down 6.6%

NASDAQ CRDO opened at $241.91 on Friday. The stock has a 50-day simple moving average of $219.87 and a 200 day simple moving average of $159.87. The company has a market capitalization of $45.11 billion, a PE ratio of 97.54, a P/E/G ratio of 1.18 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released 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 firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company's quarterly revenue was up 157.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.20 earnings per share. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal 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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