Credo Technology Group Holding Ltd. $CRDO Stock Position Boosted by Leonteq Securities AG

Leonteq Securities AG raised its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 150.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,856 shares of the company's stock after buying an additional 17,320 shares during the period. Leonteq Securities AG's holdings in Credo Technology Group were worth $2,709,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in CRDO. Vanguard Group Inc. increased its stake in shares of Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company's stock valued at $2,386,449,000 after acquiring an additional 59,849 shares during the period. State Street Corp lifted its position in Credo Technology Group by 23.4% in the fourth quarter. State Street Corp now owns 4,486,320 shares of the company's stock worth $645,537,000 after purchasing an additional 849,654 shares during the period. Geode Capital Management LLC boosted its stake in Credo Technology Group by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company's stock valued at $555,117,000 after purchasing an additional 184,676 shares in the last quarter. Corient Private Wealth LLC boosted its stake in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock valued at $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business's stock in a transaction dated Friday, April 10th. The stock was sold at an average price of $118.25, for a total transaction of $3,251,875.00. Following the sale, the chief technology officer owned 6,134,870 shares in the company, valued at approximately $725,448,377.50. The trade was a 0.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the company's stock in a transaction dated 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 sale, the chief executive officer directly owned 367,327 shares of the company's stock, valued at $80,286,662.39. This represents a 13.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 405,095 shares of company stock valued at $81,206,774. 11.84% of the stock is owned by corporate insiders.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $241.91 on Friday. The company has a market capitalization 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. The stock has a fifty day moving average of $219.87 and a 200-day moving average of $159.87. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (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 analyst estimates of $431.80 million. During the same period in the previous year, the firm earned $0.20 earnings per share. Credo Technology Group's revenue for the quarter was up 157.0% compared to the same quarter last year. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of research reports. Roth Mkm boosted their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. raised their target price on Credo Technology Group from $230.00 to $250.00 and gave the company an "overweight" rating in a research note on Tuesday, June 2nd. Evercore initiated coverage on Credo Technology Group in a report on Monday, June 22nd. They set an "outperform" rating and a $325.00 target price on the stock. Susquehanna boosted 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. Finally, Mizuho upped their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an "outperform" rating in a report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of "Buy" and a consensus target price of $263.11.

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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