Credo Technology Group Holding Ltd. $CRDO Stock: Sigma Planning Corp Raises Stake

Key Points

• Sigma Planning Corp increased its Credo Technology stake by 175.4% in the third quarter to 15,734 shares valued at approximately $3.1 million. Institutional investors collectively own 80.46% of the company.
• Analysts remain broadly optimistic, with a consensus rating of “Moderate Buy” and an average price target of $262.67; several firms recently raised their targets, including TD Cowen to $300.
• Credo reported strong quarterly results, including $1.20 in EPS and $479 million in revenue, while revenue increased 114.7% year over year. However, insiders sold approximately $90.9 million of stock over the last quarter through pre-arranged trading plans.

Sigma Planning Corp lifted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 175.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,734 shares of the company's stock after purchasing an additional 10,021 shares during the quarter. Sigma Planning Corp's holdings in Credo Technology Group were worth $3,065,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of CRDO. EULAV Asset Management purchased a new stake in Credo Technology Group during the 3rd quarter valued at about $16,875,000. Yousif Capital Management LLC raised its holdings in Credo Technology Group by 6.8% in the third quarter. Yousif Capital Management LLC now owns 2,349 shares of the company's stock worth $458,000 after buying an additional 149 shares during the last quarter. Demars Financial Group LLC purchased a new position in Credo Technology Group in the third quarter worth about $431,000. Royal Fund Management LLC raised its holdings in Credo Technology Group by 48.2% in the third quarter. Royal Fund Management LLC now owns 3,509 shares of the company's stock worth $684,000 after buying an additional 1,142 shares during the last quarter. Finally, Root Financial Partners LLC bought a new position in shares of Credo Technology Group in the third quarter worth approximately $48,000. Institutional investors own 80.46% of the company's stock.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 7,580 shares of the company's stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $212.91, for a total value of $1,613,857.80. Following the completion of the transaction, the chief financial officer owned 492,208 shares of the company's stock, valued at approximately $104,796,005.28. This represents a 1.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Pantas Sutardja sold 1,540 shares of the company's stock in a transaction on Monday, October 12th. The stock was sold at an average price of $212.22, for a total transaction of $326,818.80. Following the completion of the transaction, the director directly owned 5,890,494 shares of the company's stock, valued at $1,250,080,636.68. This represents a 0.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 457,952 shares of company stock valued at $90,919,736. Company insiders own 9.06% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CRDO. Susquehanna boosted their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a "positive" rating in a report on Tuesday, July 21st. Weiss Ratings downgraded Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, October 6th. TD Cowen lifted their target price on Credo Technology Group from $260.00 to $300.00 and gave the stock a "buy" rating in a report on Tuesday, August 18th. Evercore set a $292.00 target price on Credo Technology Group in a report on Wednesday, September 2nd. Finally, Rosenblatt Securities restated a "neutral" rating and issued a $235.00 price target on shares of Credo Technology Group in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $262.67.

Credo Technology Group Trading Up 2.6%

CRDO opened at $151.15 on Tuesday. The company has a market capitalization of $28.41 billion, a PE ratio of 49.76, a PEG ratio of 0.59 and a beta of 3.25. The firm's 50 day simple moving average is $195.15 and its two-hundred day simple moving average is $180.50. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. During the same period in the prior year, the firm posted $0.52 EPS. The firm's quarterly revenue was up 114.7% compared to the same quarter last year. Equities analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company's portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.

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