HighTower Advisors LLC Purchases New Shares in Credo Technology Group Holding Ltd. $CRDO

Key Points

• HighTower Advisors LLC has acquired 6,066 shares of Credo Technology Group Holding Ltd. for approximately $244,000, marking a new investment during the first quarter.
• Credo Technology reported an earnings per share (EPS) of $0.34, falling short of expectations, but saw a significant year-over-year revenue increase of 273.6% to $223.07 million.
• Institutional investors own 80.46% of Credo Technology's stock, indicating strong interest from hedge funds and other large investors.

HighTower Advisors LLC bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 6,066 shares of the company's stock, valued at approximately $244,000.

Several other hedge funds also recently bought and sold shares of CRDO. Nuveen LLC acquired a new position in Credo Technology Group in the 1st quarter worth about $52,636,000. Polar Capital Holdings Plc increased its position in Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after purchasing an additional 1,150,084 shares during the last quarter. Bank of America Corp DE increased its position in 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 worth $26,309,000 after purchasing an additional 606,850 shares during the last quarter. Westfield Capital Management Co. LP acquired a new position in Credo Technology Group in the 1st quarter worth about $24,329,000. Finally, Deutsche Bank AG increased its position in Credo Technology Group by 710.9% in the 4th quarter. Deutsche Bank AG now owns 623,332 shares of the company's stock worth $41,894,000 after purchasing an additional 546,466 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 0.4%

Shares of CRDO stock opened at $124.77 on Thursday. The stock has a 50 day moving average of $107.66 and a two-hundred day moving average of $72.98. Credo Technology Group Holding Ltd. has a 12 month low of $24.08 and a 12 month high of $134.35. The company has a market capitalization of $21.58 billion, a P/E ratio of 462.11, a P/E/G ratio of 2.21 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%.The firm had revenue of $223.07 million during the quarter, compared to the consensus estimate of $190.63 million. During the same quarter in the prior year, the business posted $0.04 EPS. Credo Technology Group's revenue was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Roth Capital set a $95.00 target price on Credo Technology Group and gave the stock a "buy" rating in a research report on Friday, June 13th. TD Cowen increased their price objective on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. Stifel Nicolaus increased their price objective on Credo Technology Group from $115.00 to $130.00 and gave the company a "buy" rating in a report on Tuesday. Barclays set a $85.00 price objective on Credo Technology Group and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Finally, Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a report on Sunday, August 24th. One equities research analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of "Buy" and an average target price of $92.64.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $107.12, for a total value of $5,891,600.00. Following the completion of the sale, the chief technology officer owned 7,108,961 shares in the company, valued at approximately $761,511,902.32. This trade represents a 0.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $97.29, for a total value of $368,729.10. Following the completion of the sale, the chief financial officer owned 582,428 shares of the company's stock, valued at $56,664,420.12. This represents a 0.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,136,152 shares of company stock worth $102,714,411 over the last 90 days. Insiders own 11.84% of the company's stock.

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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