Kraematon Investment Advisors Inc. Acquires New Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Kraematon Investment Advisors Inc. acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 9,690 shares of the company's stock, valued at approximately $389,000.

Other large investors have also made changes to their positions in the company. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group in the 4th quarter valued at $38,000. WASHINGTON TRUST Co bought a new stake in shares of Credo Technology Group in the 4th quarter valued at $43,000. Principal Securities Inc. increased its position in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after buying an additional 576 shares in the last quarter. Quarry LP acquired a new position in Credo Technology Group in the 4th quarter worth $58,000. Finally, Plato Investment Management Ltd acquired a new position in Credo Technology Group in the 4th quarter worth $61,000. Institutional investors own 80.46% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on CRDO shares. Needham & Company LLC upped their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. TD Cowen upped their target price on shares of Credo Technology Group from $50.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research note on Tuesday. Bank of America reduced their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Finally, Stifel Nicolaus upped their target price on shares of Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Eleven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Credo Technology Group currently has an average rating of "Buy" and an average target price of $78.60.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $72.96 on Friday. Credo Technology Group Holding Ltd has a one year low of $22.50 and a one year high of $86.69. The company has a market cap of $12.39 billion, a price-to-earnings ratio of -486.40 and a beta of 2.42. The firm has a 50-day moving average of $50.23 and a 200-day moving average of $58.46.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. Credo Technology Group had a negative net margin of 9.70% and a negative return on equity of 2.94%. The business had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same period last year, the business posted $0.07 EPS. Credo Technology Group's revenue was up 179.6% on a year-over-year basis. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd will post 0.13 earnings per share for the current year.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 10,000 shares of the firm's stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total value of $452,300.00. Following the completion of the sale, the chief operating officer now directly owns 2,802,447 shares in the company, valued at approximately $126,754,677.81. This trade represents a 0.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the transaction, the chief technology officer now directly owns 8,103,602 shares in the company, valued at approximately $383,219,338.58. This represents a 0.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 473,665 shares of company stock worth $19,795,531. Insiders own 16.04% of the company's stock.

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.

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