Integrated Wealth Concepts LLC Raises Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Integrated Wealth Concepts increased its Credo Technology Group holdings by 68.5% in the second quarter, ending the period with 15,962 shares valued at approximately $4.34 million. Institutional investors and hedge funds collectively own 80.46% of the company.
• Credo reported quarterly EPS of $1.20, beating estimates of $1.17, while revenue rose 114.7% year over year to $479 million. Analysts expect full-year EPS of approximately $5.02.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $267.39; however, insiders sold 313,074 shares worth $71.8 million during the quarter.

Integrated Wealth Concepts LLC boosted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 68.5% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 15,962 shares of the company's stock after acquiring an additional 6,489 shares during the quarter. Integrated Wealth Concepts LLC's holdings in Credo Technology Group were worth $4,341,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. California State Teachers Retirement System lifted its holdings in shares of Credo Technology Group by 28,062.9% during the second quarter. California State Teachers Retirement System now owns 67,840,375 shares of the company's stock worth $18,449,190,000 after purchasing an additional 67,599,489 shares during the period. State Street Corp increased its holdings in Credo Technology Group by 23.4% in the 4th quarter. State Street Corp now owns 4,486,320 shares of the company's stock worth $645,537,000 after buying an additional 849,654 shares during the period. Geode Capital Management LLC increased its holdings in Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company's stock worth $555,117,000 after buying an additional 184,676 shares during the period. Corient Private Wealth LLC raised its position in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock worth $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock valued at $283,778,000 after acquiring an additional 1,218,504 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $162.95 on Friday. The stock has a market capitalization of $30.63 billion, a price-to-earnings ratio of 57.99, a PEG ratio of 0.65 and a beta of 3.22. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The firm's 50 day simple moving average is $221.67 and its 200-day simple moving average is $190.41.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The firm had revenue of $479.00 million during the quarter, compared to analysts' expectations of $473.30 million. During the same period in the previous year, the business posted $0.52 EPS. The business's revenue was up 114.7% compared to the same quarter last year. Analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Lam sold 55,441 shares of the company's stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the completion of the transaction, the chief operating officer owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. This represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the company's stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the completion of the transaction, the chief technology officer owned 5,882,370 shares of the company's stock, valued at approximately $1,429,768,852.20. This trade represents a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 313,074 shares of company stock valued at $71,827,816. Corporate insiders own 9.06% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on CRDO shares. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a "buy" rating in a report on Monday, June 22nd. Susquehanna raised their target price on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a "positive" rating in a report on Tuesday, July 21st. Jefferies Financial Group upped their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Wall Street Zen downgraded Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Finally, Rosenblatt Securities lifted their price objective on Credo Technology Group from $215.00 to $235.00 and gave the company a "neutral" rating in a research note on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $267.39.

Credo Technology Group Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company's portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.

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