Kelly Lawrence W & Associates Inc. CA Purchases Shares of 62,375 Credo Technology Group Holding Ltd. $CRDO

Key Points

• Kelly Lawrence W & Associates acquired 62,375 Credo Technology Group shares worth approximately $16.96 million, making CRDO its seventh-largest holding and representing 3.6% of its portfolio. Institutional investors own 80.46% of the company.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $268.39; several firms recently raised targets to between $300 and $340, while Zacks downgraded the stock to “Hold.”
• Credo reported quarterly EPS of $1.16 and revenue of $437 million, surpassing estimates, with revenue up 157% year over year. Shares opened at $222.61 after declining 3.5%, while executives recently sold shares under a pre-arranged plan.

Kelly Lawrence W & Associates Inc. CA acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 62,375 shares of the company's stock, valued at approximately $16,963,000. Credo Technology Group makes up approximately 3.6% of Kelly Lawrence W & Associates Inc. CA's portfolio, making the stock its 7th biggest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Reflection Asset Management acquired a new stake in shares of Credo Technology Group during the 4th quarter worth about $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group in the fourth quarter valued at about $25,000. AlphaCentric Advisors LLC acquired a new position in Credo Technology Group in the first quarter valued at about $33,000. Van ECK Associates Corp bought a new stake in Credo Technology Group during the fourth quarter worth about $37,000. Finally, Western Wealth Management LLC acquired a new stake in shares of Credo Technology Group during the first quarter worth approximately $38,000. 80.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. TD Cowen lifted their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a "buy" rating in a research note on Tuesday, August 18th. Roth Capital raised their price target on Credo Technology Group from $200.00 to $300.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Bank of America lifted their price objective on Credo Technology Group from $252.00 to $340.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. Evercore started coverage on Credo Technology Group in a research note on Monday, June 22nd. They issued an "outperform" rating and a $325.00 price objective on the stock. Finally, Zacks Research cut Credo Technology Group from a "strong-buy" rating to a "hold" rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $268.39.

Credo Technology Group Trading Down 3.5%

Shares of CRDO stock opened at $222.61 on Tuesday. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The firm's 50 day moving average is $240.76 and its 200-day moving average is $183.84. The firm has a market capitalization of $41.51 billion, a price-to-earnings ratio of 89.76, a PEG ratio of 1.05 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results 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 32.30%. The business had revenue of $437.00 million for the quarter, compared to analysts' expectations of $431.80 million. During the same period in the prior year, the firm earned $0.20 earnings per share. Credo Technology Group's revenue was up 157.0% compared to the same quarter last year. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 54,984 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the sale, the chief executive officer owned 367,327 shares in the company, valued at $80,286,662.39. The trade was a 13.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Daniel W. Fleming sold 40,000 shares of the company's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. This trade represents a 7.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 435,076 shares of company stock valued at $101,043,506 over the last 90 days. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group Company 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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