Cwm LLC Boosts Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Cwm LLC significantly increased its stake in Credo Technology Group by 109.5% in Q1, now owning 7,864 shares valued at $316,000.
• Insider selling has occurred, with CTO Chi Fung Cheng selling over 59,000 shares for approximately $4.47 million, and Director Lip Bu Tan selling 171,473 shares valued at over $13.35 million.
• Analyst ratings for Credo Technology Group are largely positive, with a consensus target price of $87.91 and several reports indicating it is a buy or strong buy.

Cwm LLC increased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 109.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,864 shares of the company's stock after purchasing an additional 4,111 shares during the quarter. Cwm LLC's holdings in Credo Technology Group were worth $316,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Mutual of America Capital Management LLC lifted its stake in Credo Technology Group by 20.8% during the first quarter. Mutual of America Capital Management LLC now owns 96,651 shares of the company's stock worth $3,882,000 after purchasing an additional 16,664 shares during the last quarter. Xponance Inc. lifted its stake in Credo Technology Group by 9.2% during the first quarter. Xponance Inc. now owns 11,165 shares of the company's stock worth $448,000 after purchasing an additional 937 shares during the last quarter. Allworth Financial LP lifted its stake in Credo Technology Group by 216.8% during the first quarter. Allworth Financial LP now owns 2,807 shares of the company's stock worth $119,000 after purchasing an additional 1,921 shares during the last quarter. Optimum Investment Advisors purchased a new stake in Credo Technology Group during the first quarter worth approximately $52,000. Finally, Stratos Wealth Partners LTD. purchased a new stake in Credo Technology Group during the first quarter worth approximately $548,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 59,641 shares of the business's stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36. Following the transaction, the chief technology officer owned 7,603,961 shares of the company's stock, valued at approximately $569,992,916.56. The trade was a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 171,473 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the transaction, the director directly owned 613,725 shares in the company, valued at approximately $47,809,177.50. The trade was a 21.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,078,139 shares of company stock worth $85,302,680. Corporate insiders own 16.04% of the company's stock.

Wall Street Analyst Weigh In

CRDO has been the subject of several recent analyst reports. Cowen restated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Roth Capital set a $95.00 target price on Credo Technology Group and gave the stock a "buy" rating in a research note on Friday, June 13th. Barclays set a $85.00 price objective on Credo Technology Group and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Stifel Nicolaus boosted their price objective on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Finally, Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $87.91.

Credo Technology Group Trading Up 0.0%

NASDAQ:CRDO opened at $101.22 on Friday. The firm has a market cap of $17.37 billion, a P/E ratio of 374.89, a PEG ratio of 1.82 and a beta of 2.57. The stock's 50 day simple moving average is $82.55 and its 200-day simple moving average is $64.57. Credo Technology Group Holding Ltd. has a 12-month low of $22.50 and a 12-month high of $104.35.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company's revenue for the quarter was up 179.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.07 earnings per share. Research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.

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