Emerald Mutual Fund Advisers Trust Acquires 5,950 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Emerald Mutual Fund Advisers Trust increased its stake in Credo Technology Group by 2.0% in the first quarter, buying 5,950 more shares and bringing its total holding to 301,337 shares worth about $28.3 million.
• Wall Street sentiment remains bullish: several analysts raised price targets, and the stock now carries a consensus Buy rating with an average target price of $263.11.
• Credo Technology reported strong quarterly results, including EPS of $1.16 versus $1.02 expected and revenue growth of 157% year over year, though recent insider sales included CFO Daniel W. Fleming selling shares in July.

Emerald Mutual Fund Advisers Trust grew its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 2.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 301,337 shares of the company's stock after purchasing an additional 5,950 shares during the period. Credo Technology Group comprises 1.4% of Emerald Mutual Fund Advisers Trust's holdings, making the stock its 14th largest holding. Emerald Mutual Fund Advisers Trust owned 0.16% of Credo Technology Group worth $28,287,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Crewe Advisors LLC boosted its stake in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after buying an additional 106 shares during the period. Reflection Asset Management bought a new position in Credo Technology Group during the 4th quarter worth $25,000. Acumen Wealth Advisors LLC bought a new position in Credo Technology Group during the 4th quarter worth $25,000. Flagship Harbor Advisors LLC acquired a new position in Credo Technology Group in the 4th quarter valued at $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new position in Credo Technology Group in the 4th quarter valued at $36,000. 80.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Stifel Nicolaus upped their target price on Credo Technology Group from $250.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, June 22nd. Needham & Company LLC raised their price target on Credo Technology Group from $220.00 to $275.00 and gave the stock a "buy" rating in a research report on Monday, June 1st. JPMorgan Chase & Co. boosted their price target 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. TD Cowen upped their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Finally, Weiss Ratings upgraded shares of Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, May 26th. Two investment analysts have 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.com, the stock presently has a consensus rating of "Buy" and an average target price of $263.11.

Credo Technology Group Price Performance

Shares of CRDO opened at $236.88 on Tuesday. The firm has a 50 day simple moving average of $230.01 and a two-hundred day simple moving average of $165.29. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67. The company has a market cap of $44.17 billion, a P/E ratio of 95.52, a P/E/G ratio of 1.18 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its 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 32.30% and a net margin of 35.37%.The firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same quarter last year, the business posted $0.20 EPS. The company's revenue was up 157.0% compared to the same quarter last year. On average, analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Daniel W. Fleming sold 7,580 shares of the company's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer directly owned 504,708 shares in the company, valued at $124,097,603.04. This represents a 1.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sylvia Acevedo sold 2,208 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $211.00, for a total value of $465,888.00. Following the completion of the sale, the director directly owned 16,337 shares in the company, valued at $3,447,107. This trade represents a 11.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 367,162 shares of company stock valued at $82,045,746 in the last quarter. Corporate insiders own 11.84% of the company's stock.

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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