Oak Ridge Investments LLC Boosts Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Oak Ridge Investments LLC increased its stake in Credo Technology Group Holding Ltd. by 9.2%, now holding 55,205 shares valued at approximately $2.2 million.
• The company's recent quarterly earnings showed an EPS of $0.35, exceeding analysts' expectations, with a revenue increase of 179.6% year-over-year.
• Despite recent insider sales and a slight decline in stock price, analysts maintain a consensus rating of "Buy" for Credo Technology Group, with a projected price target of $87.91.

Oak Ridge Investments LLC increased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 9.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 55,205 shares of the company's stock after acquiring an additional 4,637 shares during the period. Oak Ridge Investments LLC's holdings in Credo Technology Group were worth $2,217,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRDO. Wells Fargo & Company MN grew its position in Credo Technology Group by 176.2% in the fourth quarter. Wells Fargo & Company MN now owns 133,237 shares of the company's stock worth $8,955,000 after acquiring an additional 85,006 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Credo Technology Group by 14.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 73,634 shares of the company's stock worth $4,949,000 after acquiring an additional 9,131 shares in the last quarter. Cerity Partners LLC purchased a new position in Credo Technology Group in the fourth quarter worth about $335,000. Invesco Ltd. grew its position in Credo Technology Group by 589.7% in the fourth quarter. Invesco Ltd. now owns 535,684 shares of the company's stock worth $36,003,000 after acquiring an additional 458,015 shares in the last quarter. Finally, Legal & General Group Plc boosted its position in shares of Credo Technology Group by 15.3% during the fourth quarter. Legal & General Group Plc now owns 157,248 shares of the company's stock valued at $10,569,000 after buying an additional 20,891 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CRDO. Susquehanna boosted their target price on Credo Technology Group from $90.00 to $115.00 and gave the company a "positive" rating in a research report on Tuesday, July 22nd. TD Cowen boosted their target price on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Barclays set a $85.00 price target on shares of Credo Technology Group and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Finally, Wall Street Zen raised shares of Credo Technology Group from a "hold" rating to a "buy" rating in a research note on Saturday. One investment analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company's stock. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of "Buy" and a consensus target price of $91.27.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded down $11.53 during mid-day trading on Tuesday, hitting $107.21. The stock had a trading volume of 2,728,849 shares, compared to its average volume of 5,189,954. The company has a 50 day moving average of $98.66 and a two-hundred day moving average of $69.28. Credo Technology Group Holding Ltd. has a twelve month low of $24.08 and a twelve month high of $128.56. The firm has a market cap of $18.40 billion, a PE ratio of 397.00, a PEG ratio of 2.09 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $159.59 million. During the same period in the prior year, the company earned $0.07 earnings per share. The firm's revenue was up 179.6% on a year-over-year basis. Credo Technology Group has set its Q1 2026 guidance at EPS. Equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 150,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the completion of the transaction, the chief executive officer owned 2,061,978 shares in the company, valued at $220,363,588.86. This represents a 6.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lip Bu Tan sold 171,473 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the transaction, the director owned 613,725 shares of the company's stock, valued at approximately $47,809,177.50. This trade represents a 21.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,274,583 shares of company stock worth $113,118,257 in the last 90 days. 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.