Left Brain Wealth Management LLC Takes $307,000 Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Left Brain Wealth Management LLC acquired a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,650 shares of the company's stock, valued at approximately $307,000.

Other large investors also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Credo Technology Group in the first quarter worth $27,000. Optimum Investment Advisors acquired a new stake in shares of Credo Technology Group in the first quarter worth $52,000. Quarry LP acquired a new stake in shares of Credo Technology Group in the fourth quarter worth $58,000. CIBC Private Wealth Group LLC increased its position in shares of Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after acquiring an additional 348 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Credo Technology Group by 103.5% in the first quarter. GAMMA Investing LLC now owns 1,982 shares of the company's stock worth $80,000 after acquiring an additional 1,008 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Performance

Shares of CRDO stock traded up $1.23 during midday trading on Friday, reaching $98.52. 3,228,056 shares of the company were exchanged, compared to its average volume of 4,206,586. Credo Technology Group Holding Ltd. has a 12 month low of $22.50 and a 12 month high of $100.13. The company has a market cap of $16.91 billion, a P/E ratio of 364.89, a PEG ratio of 1.77 and a beta of 2.57. The company's 50 day moving average price is $73.70 and its two-hundred day moving average price is $62.63.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. During the same period in the previous year, the firm earned $0.07 EPS. Credo Technology Group's revenue was up 179.6% on a year-over-year basis. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In related news, insider James Laufman sold 5,000 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $85.07, for a total value of $425,350.00. Following the sale, the insider directly owned 249,346 shares in the company, valued at $21,211,864.22. The trade was a 1.97% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lip Bu Tan sold 12,248 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total transaction of $1,141,758.56. Following the completion of the sale, the director owned 467,180 shares in the company, valued at $43,550,519.60. The trade was a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,082,349 shares of company stock worth $78,589,471 in the last ninety days. 16.04% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CRDO shares. Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the company a "buy" rating in a report on Friday, June 13th. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. TD Cowen raised their price target on shares of Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. Mizuho raised their price target on shares of Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Finally, Needham & Company LLC raised their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $82.45.

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.