Goldman Sachs Group Inc. Has $290.81 Million Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Goldman Sachs increased its stake in Credo Technology Group by 11.2% in the fourth quarter, bringing its holding to 2,021,020 shares valued at about $290.8 million.
• Credo reported strong quarterly results, with EPS of $1.16 beating estimates and revenue of $437 million, up 157% from a year earlier.
• Insiders have been selling shares, including CEO William Joseph Brennan and CTO Chi Fung Cheng, while analysts remain mostly bullish with a consensus Moderate Buy rating and a $248.41 average price target.

Goldman Sachs Group Inc. grew its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 11.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,021,020 shares of the company's stock after acquiring an additional 203,462 shares during the period. Goldman Sachs Group Inc. owned 1.12% of Credo Technology Group worth $290,805,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of CRDO. NewEdge Advisors LLC lifted its position in Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock worth $284,000 after acquiring an additional 3,972 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company's stock worth $12,480,000 after acquiring an additional 7,107 shares during the last quarter. CW Advisors LLC acquired a new stake in Credo Technology Group during the second quarter worth approximately $288,000. EverSource Wealth Advisors LLC lifted its position in Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock worth $46,000 after acquiring an additional 333 shares during the last quarter. Finally, First Trust Advisors LP lifted its position in Credo Technology Group by 4.3% during the second quarter. First Trust Advisors LP now owns 212,318 shares of the company's stock worth $19,659,000 after acquiring an additional 8,720 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The shares were 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 directly owned 1,782,502 shares in the company, valued at $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the business'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 transaction of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares of the company's stock, valued at approximately $737,630,712. This represents a 0.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 386,608 shares of company stock valued at $50,371,351. Company insiders own 11.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CRDO. Jefferies Financial Group lifted their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a "buy" rating in a research report on Tuesday. Craig Hallum reiterated a "buy" rating and issued a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. JPMorgan Chase & Co. lifted their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an "overweight" rating in a research report on Tuesday. Stifel Nicolaus set a $250.00 price target on shares of Credo Technology Group in a research report on Wednesday, May 27th. Finally, Rosenblatt Securities lifted their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a "neutral" rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $248.41.

Credo Technology Group Price Performance

Shares of CRDO opened at $206.89 on Friday. Credo Technology Group Holding Ltd. has a one year low of $66.75 and a one year high of $245.95. The company has a market cap of $38.16 billion, a P/E ratio of 83.42, a P/E/G ratio of 1.41 and a beta of 3.22. The firm has a 50 day simple moving average of $169.65 and a two-hundred day simple moving average of $147.19.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 36.99%. The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period in the previous year, the business earned $0.20 earnings per share. The company's revenue was up 157.0% on a year-over-year basis. On average, analysts expect that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.