Patriot Financial Group Insurance Agency LLC Increases Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Patriot Financial Group Insurance Agency LLC increased its stake in Credo Technology Group by 109.1% in the first quarter, bringing its holdings to 18,438 shares worth about $1.73 million.
• Credo Technology Group posted a strong quarterly beat, reporting $1.16 EPS versus $1.02 expected and $437 million in revenue, up 157% year over year.
• Wall Street sentiment remains bullish, with analysts assigning a consensus Buy rating and an average target price of $263.11, though insiders have recently sold shares, including the CEO and CFO.

Patriot Financial Group Insurance Agency LLC grew its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 109.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,438 shares of the company's stock after purchasing an additional 9,622 shares during the quarter. Patriot Financial Group Insurance Agency LLC's holdings in Credo Technology Group were worth $1,731,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Janney Montgomery Scott LLC grew its stake in shares of Credo Technology Group by 40.1% during the first quarter. Janney Montgomery Scott LLC now owns 19,576 shares of the company's stock worth $1,838,000 after purchasing an additional 5,605 shares in the last quarter. Trilogy Capital Inc. raised its stake in Credo Technology Group by 5.7% in the first quarter. Trilogy Capital Inc. now owns 28,524 shares of the company's stock valued at $2,678,000 after buying an additional 1,541 shares in the last quarter. Pictet Asset Management Holding SA raised its stake in Credo Technology Group by 353.9% in the first quarter. Pictet Asset Management Holding SA now owns 454,700 shares of the company's stock valued at $42,683,000 after buying an additional 354,521 shares in the last quarter. Kestra Private Wealth Services LLC lifted its holdings in Credo Technology Group by 38.8% during the 1st quarter. Kestra Private Wealth Services LLC now owns 22,745 shares of the company's stock worth $2,135,000 after buying an additional 6,355 shares during the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Credo Technology Group by 6.7% during the 1st quarter. Blue Trust Inc. now owns 5,044 shares of the company's stock worth $473,000 after acquiring an additional 315 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Up 3.2%

CRDO stock opened at $245.68 on Tuesday. The business has a 50 day simple moving average of $214.77 and a 200-day simple moving average of $157.64. The company has a market capitalization of $45.81 billion, a P/E ratio of 99.06, a PEG ratio of 1.09 and a beta of 3.22. Credo Technology Group Holding Ltd. has a twelve month low of $84.25 and a twelve month high of $308.67.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CRDO. Bank of America raised their target price on Credo Technology Group from $252.00 to $340.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. increased their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an "overweight" rating in a research note on Tuesday, June 2nd. Jefferies Financial Group raised their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Craig Hallum restated a "buy" rating and set a $200.00 price objective on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Finally, Zacks Research upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 19th. Two equities 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's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $263.11.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 40,000 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the transaction, the chief financial officer owned 501,873 shares in the company, valued at $125,207,276.04. The trade was a 7.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 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, CEO William Joseph Brennan sold 54,984 shares of the 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. The trade was a 13.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 389,384 shares of company stock valued at $74,982,168 over the last quarter. 11.84% of the stock is currently owned by insiders.

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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