Fortis Capital Advisors LLC Takes $418,000 Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Fortis Capital Advisors LLC acquired a $418,000 position in Credo Technology Group, purchasing 4,511 shares of $CRDO in the second quarter.
• Insider sales have been significant, with James Laufman and Lip Bu Tan selling shares totaling over $4.9 million, representing a decrease in their ownership percentages.
• Analysts are optimistic about Credo Technology Group, with stock ratings predominantly classified as "Buy" and price targets raised up to $165.00, reflecting strong market support.

Fortis Capital Advisors LLC acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,511 shares of the company's stock, valued at approximately $418,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new stake in Credo Technology Group during the second quarter worth about $218,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Credo Technology Group by 1,261.3% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 9,216 shares of the company's stock worth $853,000 after purchasing an additional 8,539 shares during the period. Patriot Financial Group Insurance Agency LLC bought a new stake in Credo Technology Group during the second quarter worth about $322,000. FengHe Fund Management Pte. Ltd. bought a new stake in Credo Technology Group during the second quarter worth about $63,013,000. Finally, QTR Family Wealth LLC lifted its position in Credo Technology Group by 3.9% during the second quarter. QTR Family Wealth LLC now owns 7,415 shares of the company's stock worth $687,000 after purchasing an additional 280 shares during the period. Institutional investors own 80.46% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on CRDO. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research report on Thursday, September 4th. Zacks Research raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 8th. Barclays upped their price objective on shares of Credo Technology Group from $85.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, September 4th. Wall Street Zen raised Credo Technology Group from a "hold" rating to a "buy" rating in a research note on Sunday, September 28th. Finally, Mizuho boosted their target price on Credo Technology Group from $135.00 to $155.00 and gave the stock an "outperform" rating in a research note on Thursday, September 4th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $128.55.

Insiders Place Their Bets

In related news, insider James Laufman sold 10,000 shares of the company's stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $140.00, for a total value of $1,400,000.00. Following the sale, the insider directly owned 232,284 shares in the company, valued at $32,519,760. This represents a 4.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lip Bu Tan sold 20,000 shares of the company's stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $175.12, for a total value of $3,502,400.00. Following the completion of the sale, the director owned 422,180 shares in the company, valued at $73,932,161.60. The trade was a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 878,915 shares of company stock valued at $111,449,895 over the last three months. Insiders own 11.84% of the company's stock.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $143.87 on Friday. The business's 50 day simple moving average is $133.21 and its 200 day simple moving average is $88.37. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $176.70. The stock has a market capitalization of $24.89 billion, a PE ratio of 214.73 and a beta of 2.60.

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

About Credo Technology Group

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.