Empirical Financial Services LLC d.b.a. Empirical Wealth Management Takes $218,000 Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Empirical Financial Services LLC has acquired a new position in Credo Technology Group Holding Ltd., purchasing 2,350 shares valued at approximately $218,000.
• Notable institutional investors, including Goldman Sachs Group Inc. and Swedbank AB, have also significantly increased their stakes in Credo Technology Group, demonstrating strong institutional interest.
• Despite a revenue increase of 273.6% year-over-year, Credo Technology Group reported lower earnings per share than expected, missing analysts' consensus estimates.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 2,350 shares of the company's stock, valued at approximately $218,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Swedbank AB increased its holdings in Credo Technology Group by 29.5% during the first quarter. Swedbank AB now owns 3,219,125 shares of the company's stock worth $129,280,000 after buying an additional 733,811 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Credo Technology Group by 6.1% during the first quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company's stock worth $74,151,000 after buying an additional 105,405 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after buying an additional 589,151 shares during the last quarter. Nuveen LLC acquired a new position in Credo Technology Group during the first quarter worth $52,636,000. Finally, The Manufacturers Life Insurance Company increased its holdings in Credo Technology Group by 74.3% during the first quarter. The Manufacturers Life Insurance Company now owns 1,098,369 shares of the company's stock worth $44,110,000 after buying an additional 468,145 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $148.35, for a total transaction of $8,159,250.00. Following the completion of the sale, the chief technology officer owned 6,833,961 shares of the company's stock, valued at $1,013,818,114.35. This represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lip Bu Tan sold 20,000 shares of the company's stock in a transaction dated Thursday, September 18th. The stock was sold at an average price of $175.12, for a total transaction of $3,502,400.00. Following the sale, the director directly owned 422,180 shares of the company's stock, valued at $73,932,161.60. This represents a 4.52% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 878,915 shares of company stock valued at $114,552,445 in the last 90 days. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $137.20 on Wednesday. The firm has a 50-day moving average of $134.55 and a 200-day moving average of $89.70. The stock has a market cap of $23.74 billion, a PE ratio of 204.78 and a beta of 2.60. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $176.70.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). The business had revenue of $223.07 million during the quarter, compared to the consensus estimate of $190.63 million. Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The company's revenue was up 273.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.04 EPS. Credo Technology Group has set its Q2 2026 guidance at EPS. Equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CRDO shares. Zacks Research upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, September 8th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Thursday, September 4th. Stifel Nicolaus set a $160.00 price objective on shares of Credo Technology Group in a report on Wednesday, October 1st. Susquehanna upped their price objective on shares of Credo Technology Group from $115.00 to $165.00 and gave the company a "positive" rating in a report on Thursday, September 4th. Finally, Roth Capital reiterated a "buy" rating and issued a $170.00 price objective on shares of Credo Technology Group in a report on Tuesday, September 30th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $128.55.

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.

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