Credo Technology Group Holding Ltd. (NASDAQ:CRDO) is Emerald Mutual Fund Advisers Trust's 4th Largest Position

Emerald Mutual Fund Advisers Trust trimmed its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 11.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 748,851 shares of the company's stock after selling 100,786 shares during the period. Credo Technology Group accounts for approximately 2.1% of Emerald Mutual Fund Advisers Trust's holdings, making the stock its 4th largest position. Emerald Mutual Fund Advisers Trust owned about 0.44% of Credo Technology Group worth $30,074,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. CIBC Private Wealth Group LLC raised its stake in Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after purchasing an additional 348 shares during the last quarter. Calamos Advisors LLC boosted its stake in shares of Credo Technology Group by 3.1% in the 1st quarter. Calamos Advisors LLC now owns 17,369 shares of the company's stock valued at $698,000 after purchasing an additional 529 shares during the last quarter. Prudential Financial Inc. boosted its stake in shares of Credo Technology Group by 6.0% in the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company's stock valued at $662,000 after purchasing an additional 560 shares during the last quarter. KBC Group NV boosted its stake in Credo Technology Group by 11.7% during the 1st quarter. KBC Group NV now owns 6,324 shares of the company's stock worth $254,000 after acquiring an additional 663 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Credo Technology Group in the first quarter valued at approximately $27,000. 80.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have commented on CRDO. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Mizuho increased their target price on shares of Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a research report on Thursday, July 3rd. TD Cowen increased their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Finally, Roth Capital set a $95.00 target price on Credo Technology Group and gave the company a "buy" rating in a report on Friday, June 13th. One 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 stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of "Buy" and a consensus target price of $82.45.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $97.29, for a total value of $368,729.10. Following the transaction, the chief financial officer directly owned 582,428 shares of the company's stock, valued at approximately $56,664,420.12. This trade represents a 0.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Monday, July 7th. The stock was sold at an average price of $91.94, for a total transaction of $5,056,700.00. Following the completion of the sale, the chief technology officer owned 7,328,961 shares in the company, valued at approximately $673,824,674.34. This trade represents a 0.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,078,139 shares of company stock worth $78,645,480 in the last 90 days. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Price Performance

NASDAQ CRDO traded up $3.89 during trading hours on Tuesday, hitting $102.59. The company had a trading volume of 3,759,215 shares, compared to its average volume of 4,203,350. The firm's 50 day moving average is $73.70 and its 200 day moving average is $62.57. The company has a market capitalization of $17.61 billion, a price-to-earnings ratio of 379.96, a P/E/G ratio of 1.77 and a beta of 2.57. Credo Technology Group Holding Ltd. has a fifty-two week low of $22.50 and a fifty-two week high of $103.35.

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

Credo Technology Group 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.