Moran Wealth Management LLC Purchases Shares of 48,269 Credo Technology Group Holding Ltd. $CRDO

Key Points

• Moran Wealth Management opened a new position in Credo Technology Group, buying 48,269 shares worth about $4.53 million in the first quarter.
• Institutional interest in CRDO remains heavy, with hedge funds and other investors owning 80.46% of the stock. Several firms increased their holdings, including Goldman Sachs and NewEdge Advisors.
• Wall Street sentiment is broadly bullish: analysts currently rate Credo Buy on average, with an average price target of $263.11, while the company also reported strong quarterly results with EPS and revenue both beating estimates.

Moran Wealth Management LLC bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 48,269 shares of the company's stock, valued at approximately $4,531,000.

Several other hedge funds have also bought and sold shares of the stock. NewEdge Advisors LLC raised its holdings in shares of Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock worth $284,000 after acquiring an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after buying an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company's stock valued at $12,480,000 after buying an additional 7,107 shares in the last quarter. CW Advisors LLC bought a new position in shares of Credo Technology Group in the 2nd quarter valued at about $288,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock valued at $46,000 after acquiring an additional 333 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Wall Street Analyst Weigh In

CRDO has been the topic of several analyst reports. Evercore initiated coverage on Credo Technology Group in a research note on Monday, June 22nd. They set an "outperform" rating and a $325.00 price objective on the stock. JPMorgan Chase & Co. raised their price objective on Credo Technology Group from $230.00 to $250.00 and gave the company an "overweight" rating in a research note on Tuesday, June 2nd. Zacks Research upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 19th. TD Cowen lifted their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Finally, Bank of America boosted their target price 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. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Credo Technology Group currently has an average rating of "Buy" and an average price target of $263.11.

Insider Activity

In other news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $118.25, for a total value of $3,251,875.00. Following the sale, the chief technology officer directly owned 6,134,870 shares in the company, valued at approximately $725,448,377.50. This represents a 0.45% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares of the company's stock, valued at $80,286,662.39. This represents a 13.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 390,872 shares of company stock valued at $79,763,850. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Stock Performance

CRDO stock opened at $241.91 on Friday. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The company has a 50-day moving average price of $220.92 and a 200 day moving average price of $160.44. The stock has a market cap of $45.11 billion, a PE ratio of 97.54, a P/E/G ratio of 1.11 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm's revenue for the quarter was up 157.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.20 EPS. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Key Stories Impacting Credo Technology Group

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo’s DustPhotonics deal is seen as deepening its AI data center connectivity strategy and adding another growth catalyst. How Credo Technology Group Holding Ltd’s (CRDO) DustPhotonics Deal Deepens Its AI Data Center Connectivity Roadmap
• Positive Sentiment: Credo was added to larger Russell benchmarks, including the Russell 1000 and Russell Midcap, which can increase index-driven buying and reflects its growth in market stature. How Credo’s Shift Into Larger Russell Indices and AI Connectivity Focus Will Impact CRDO Investors
• Positive Sentiment: Active Electrical Cables are driving adoption and supporting Credo’s long-term AI connectivity growth outlook as reliability improves and customer usage expands. How are Active Electrical Cables Driving Credo's Growth?
• Positive Sentiment: Analyst estimate revisions remain strongly favorable, with multiple upward EPS and revenue revisions over the past three months, suggesting continued confidence in growth. How Credo Technology Group Holding Ltd’s (CRDO) DustPhotonics Deal Deepens Its AI Data Center Connectivity Roadmap
• Neutral Sentiment: Credo continues to be highlighted by momentum-stock screens and “profitable stocks” lists, reinforcing market interest but not changing the core business outlook. Micron & 2 Profitable Stocks to Buy in July for Explosive Upside
• Neutral Sentiment: Despite the bullish setup, one market commentary notes the stock has already run sharply this year and suggests limited near-term upside after the rally. Price Prediction: Up 90% YTD, Will Credo’s Rally Continue?
• Negative Sentiment: CTO Chi Fung Cheng sold 27,500 shares in a pre-arranged 10b5-1 plan, which can weigh on sentiment even though it was a routine transaction. Chi Fung Cheng Sells 27,500 Shares of Credo Technology Group NASDAQ: CRDO Stock

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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