Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Shares Acquired by LPL Financial LLC

Key Points

• LPL Financial LLC significantly increased its stake in Credo Technology Group by 363.1%, acquiring an additional 177,708 shares during the first quarter.
• Credo Technology reported a quarterly earnings of $0.35 per share, exceeding analysts' estimates of $0.27, with significant revenue growth of 179.6% year-over-year.
• Insiders have sold a total of 1,274,583 shares of Credo Technology Group in recent months, reflecting a notable 16.04% ownership of the stock currently held by corporate insiders.

LPL Financial LLC grew its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 363.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 226,644 shares of the company's stock after purchasing an additional 177,708 shares during the quarter. LPL Financial LLC owned approximately 0.13% of Credo Technology Group worth $9,102,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Janney Montgomery Scott LLC boosted its stake in Credo Technology Group by 27.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock worth $270,000 after purchasing an additional 1,467 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group during the 1st quarter worth $27,000. Teacher Retirement System of Texas boosted its stake in Credo Technology Group by 464.4% during the 1st quarter. Teacher Retirement System of Texas now owns 34,987 shares of the company's stock worth $1,405,000 after purchasing an additional 28,788 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Credo Technology Group by 15.7% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 21,730 shares of the company's stock worth $873,000 after purchasing an additional 2,947 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in Credo Technology Group during the 1st quarter worth $301,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

Shares of CRDO stock traded up $6.81 during trading hours on Tuesday, reaching $125.38. 3,228,528 shares of the stock were exchanged, compared to its average volume of 5,244,440. The business's fifty day moving average is $95.05 and its two-hundred day moving average is $67.64. Credo Technology Group Holding Ltd. has a 12-month low of $24.08 and a 12-month high of $125.44. The firm has a market capitalization of $21.52 billion, a P/E ratio of 464.37, a P/E/G ratio of 2.16 and a beta of 2.59.

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

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $107.00, for a total transaction of $200,625.00. Following the completion of the sale, the director directly owned 5,898,652 shares of the company's stock, valued at $631,155,764. This represents a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Joseph Brennan sold 46,444 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $106.87, for a total value of $4,963,470.28. Following the sale, the chief executive officer directly owned 393,338 shares of the company's stock, valued at approximately $42,036,032.06. This represents a 10.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,274,583 shares of company stock valued at $113,118,257 over the last quarter. Company insiders own 16.04% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CRDO shares. Susquehanna boosted their price target on shares of Credo Technology Group from $90.00 to $115.00 and gave the company a "positive" rating in a research report on Tuesday, July 22nd. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $80.00 to $115.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. TD Cowen boosted their price target on shares of Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Finally, Needham & Company LLC boosted their price target 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. One 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.com, the company presently has a consensus rating of "Buy" and a consensus price target of $87.91.

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.