Granahan Investment Management LLC Takes $2.49 Million Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Granahan Investment Management LLC invested approximately $2.49 million in Credo Technology Group, acquiring 61,984 shares in the first quarter, reflecting growing institutional interest in the stock.
• Insiders have sold significant shares recently, with CEO William Joseph Brennan selling 46,444 shares for around $4.96 million, reducing his ownership by 10.56%.
• Brokerages have upgraded Credo Technology Group's stock, with target price increases from $85.00 to $165.00, indicating strong market confidence with a consensus "Buy" rating.

Granahan Investment Management LLC bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 61,984 shares of the company's stock, valued at approximately $2,489,000.

Several other hedge funds have also recently bought and sold shares of the business. BNP Paribas Financial Markets purchased a new stake in shares of Credo Technology Group during the 4th quarter worth about $35,280,000. Bank of America Corp DE raised its stake in shares of Credo Technology Group by 281.7% in the 4th quarter. Bank of America Corp DE now owns 391,446 shares of the company's stock valued at $26,309,000 after buying an additional 606,850 shares in the last quarter. Captrust Financial Advisors raised its stake in Credo Technology Group by 16.2% during the fourth quarter. Captrust Financial Advisors now owns 114,151 shares of the company's stock worth $7,672,000 after acquiring an additional 15,894 shares in the last quarter. Bridgefront Capital LLC acquired a new position in Credo Technology Group during the fourth quarter worth $251,000. Finally, Cetera Investment Advisers increased its holdings in shares of Credo Technology Group by 45.4% during the fourth quarter. Cetera Investment Advisers now owns 11,956 shares of the company's stock worth $804,000 after buying an additional 3,732 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $107.00, for a total value of $200,625.00. Following the transaction, the director owned 5,898,652 shares in the company, valued at approximately $631,155,764. The trade was a 0.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Laufman sold 10,000 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $140.00, for a total transaction of $1,400,000.00. Following the sale, the insider owned 232,284 shares of the company's stock, valued at approximately $32,519,760. This trade represents a 4.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,037,444 shares of company stock valued at $100,235,647 over the last three months. Insiders own 11.84% of the company's stock.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock traded down $3.36 on Thursday, hitting $160.61. The stock had a trading volume of 3,507,748 shares, compared to its average volume of 5,257,299. Credo Technology Group Holding Ltd. has a twelve month low of $26.31 and a twelve month high of $168.42. The firm has a market capitalization of $27.78 billion, a P/E ratio of 239.76 and a beta of 2.59. The stock has a 50 day moving average of $113.21 and a 200 day moving average of $75.60.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share (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 business had revenue of $223.07 million for the quarter, compared to the consensus estimate of $190.63 million. During the same period in the previous year, the business posted $0.04 EPS. Credo Technology Group's revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. Equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have commented on the company. TD Cowen boosted their price objective on Credo Technology Group from $140.00 to $160.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Susquehanna boosted their price objective on Credo Technology Group from $115.00 to $165.00 and gave the stock a "positive" rating in a research note on Thursday, September 4th. Barclays upped their price target on Credo Technology Group from $85.00 to $165.00 and gave the company an "overweight" rating in a research note on Thursday, September 4th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Thursday, September 4th. Finally, Zacks Research raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company. According to MarketBeat, Credo Technology Group has an average rating of "Buy" and a consensus price target of $126.27.

Credo Technology Group Company 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.