Geneva Partners LLC Takes $4.36 Million Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Geneva Partners LLC opened a new position in Credo Technology Group (NASDAQ:CRDO), buying 30,298 shares worth about $4.36 million, roughly 1.6% of Geneva's holdings and its 21st-largest holding.
• Credo reported strong quarterly results with $1.07 EPS vs. $0.78 expected and revenue of $407.0 million (up 201.5% year‑over‑year), while the company has a market cap of about $34.7 billion and a trailing P/E of ~104.6.
• Insider selling has been significant—386,608 shares (~$50.37 million) sold in the past three months including sales by the CEO and CTO—while institutional ownership sits at 80.46% and analysts hold a consensus "Moderate Buy" with a ~$207.71 target.

Geneva Partners LLC purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 30,298 shares of the company's stock, valued at approximately $4,360,000. Credo Technology Group makes up approximately 1.6% of Geneva Partners LLC's holdings, making the stock its 21st biggest holding.

A number of other institutional investors and hedge funds have also modified their holdings of CRDO. Atlantic Union Bankshares Corp purchased a new position in shares of Credo Technology Group during the third quarter valued at $25,000. Crewe Advisors LLC grew its stake in 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 purchasing an additional 106 shares in the last quarter. First Horizon Corp purchased a new position in Credo Technology Group in the third quarter valued at about $26,000. Flagship Harbor Advisors LLC purchased a new position in Credo Technology Group in the fourth quarter valued at about $32,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in Credo Technology Group in the fourth quarter valued at about $36,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Performance

CRDO opened at $188.29 on Friday. The company has a market cap of $34.73 billion, a PE ratio of 104.61 and a beta of 3.17. The stock has a 50-day moving average of $130.21 and a 200-day moving average of $140.68. Credo Technology Group Holding Ltd. has a 52-week low of $49.05 and a 52-week high of $213.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter in the prior year, the company posted $0.25 EPS. The firm's revenue was up 201.5% on a year-over-year basis. On average, research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have commented on CRDO shares. Mizuho lowered their target price on Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 3rd. Weiss Ratings downgraded Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, April 24th. Zacks Research downgraded Credo Technology Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, April 13th. Rothschild & Co Redburn started coverage on Credo Technology Group in a research note on Friday, May 1st. They issued a "buy" rating and a $206.00 target price on the stock. Finally, The Goldman Sachs Group boosted their target price on Credo Technology Group from $150.00 to $170.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $207.71.

Insider Activity

In related news, CEO William Joseph Brennan sold 50,000 shares of the business's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the company's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer directly owned 6,272,370 shares of the company's stock, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 386,608 shares of company stock valued at $50,371,351 in the last three months. 11.84% of the stock is owned by insiders.

Credo Technology Group Profile

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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