Pacer Advisors Inc. Buys 5,585 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Pacer Advisors increased its Credo Technology stake by 32.6% in the first quarter, adding 5,585 shares to own 22,736 shares valued at approximately $2.13 million. Institutional investors collectively own 80.46% of CRDO.
• Credo reported quarterly revenue growth of 157% to $437 million and EPS of $1.16, beating analyst expectations of $431.8 million in revenue and $1.02 EPS.
• Analysts maintain a largely positive outlook, with a consensus “Moderate Buy” rating and an average price target of $266.17. Shares opened at $249.89, while company insiders sold $101 million worth of stock during the last quarter under pre-arranged trading plans.

Pacer Advisors Inc. boosted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 32.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,736 shares of the company's stock after buying an additional 5,585 shares during the quarter. Pacer Advisors Inc.'s holdings in Credo Technology Group were worth $2,134,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CRDO. Reflection Asset Management bought a new stake in shares of Credo Technology Group in the 4th quarter worth $25,000. Acumen Wealth Advisors LLC bought a new position in shares of Credo Technology Group during the fourth quarter valued at about $25,000. Flagship Harbor Advisors LLC bought a new position in shares of Credo Technology Group during the fourth quarter valued at about $32,000. Smallwood Wealth Investment Management LLC purchased a new position in Credo Technology Group during the fourth quarter worth about $36,000. Finally, Van ECK Associates Corp purchased a new position in Credo Technology Group during the fourth quarter worth about $37,000. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Performance

Shares of CRDO opened at $249.89 on Friday. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The business has a 50-day moving average of $237.43 and a 200 day moving average of $174.54. The firm has a market cap of $46.60 billion, a P/E ratio of 100.76, a price-to-earnings-growth ratio of 1.05 and a beta of 3.23.

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

Analysts Set New Price Targets

Several equities research analysts have commented on CRDO shares. The Goldman Sachs Group reiterated a "buy" rating and issued a $250.00 price objective on shares of Credo Technology Group in a research note on Tuesday, June 2nd. TD Cowen upped their target price on Credo Technology Group from $240.00 to $260.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Barclays increased their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an "overweight" rating in a research report on Monday, July 20th. Needham & Company LLC lifted their price target on Credo Technology Group from $220.00 to $275.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Finally, Weiss Ratings upgraded Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $266.17.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the sale, the chief financial officer owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total value of $6,684,150.00. Following the completion of the transaction, the chief technology officer directly owned 5,882,370 shares of the company's stock, valued at $1,429,768,852.20. The trade was a 0.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 435,076 shares of company stock valued at $101,043,506 in the last quarter. Corporate insiders own 11.84% of the company's stock.

About Credo Technology Group

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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