Peregrine Investment Management Inc. Acquires Shares of 45,450 Credo Technology Group Holding Ltd. $CRDO

Key Points

• Peregrine Investment Management disclosed a new fourth-quarter stake in Credo Technology Group, buying 45,450 shares valued at about $6.54 million. The holding makes up 4.1% of Peregrine’s portfolio and is its 17th-largest position.
• Institutional interest in CRDO remains strong, with several large funds significantly increasing or initiating positions. The article notes that 80.46% of the stock is owned by institutional investors and hedge funds.
• Credo Technology Group reported better-than-expected earnings and revenue, with Q4 EPS of $1.07 versus $0.78 expected and revenue up 201.5% year over year. Analysts currently rate the stock Moderate Buy with a consensus target price of $207.71.

Peregrine Investment Management Inc. acquired a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 45,450 shares of the company's stock, valued at approximately $6,540,000. Credo Technology Group accounts for 4.1% of Peregrine Investment Management Inc.'s portfolio, making the stock its 17th biggest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRDO. Bank of America Corp DE increased its stake in shares of Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock valued at $331,710,000 after buying an additional 1,406,752 shares in the last quarter. Rafferty Asset Management LLC acquired a new stake in shares of Credo Technology Group during the third quarter worth $183,553,000. Alliancebernstein L.P. increased its holdings in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company's stock valued at $1,121,118,000 after acquiring an additional 1,190,522 shares during the period. Finally, Marshall Wace LLP raised its holdings in Credo Technology Group by 2,537.7% in the third quarter. Marshall Wace LLP now owns 1,150,000 shares of the company's stock worth $167,452,000 after purchasing an additional 1,106,401 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on CRDO shares. Jefferies Financial Group began coverage on shares of Credo Technology Group in a report on Monday, April 13th. They set a "buy" rating and a $175.00 target price on the stock. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a research report on Friday, May 1st. They issued a "buy" rating and a $206.00 target price on the stock. Rosenblatt Securities lifted their target price on Credo Technology Group from $125.00 to $175.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. Craig Hallum reissued a "buy" rating and set a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Finally, Roth Mkm lowered their price target on Credo Technology Group from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $207.71.

Credo Technology Group Trading Down 5.5%

Shares of Credo Technology Group stock opened at $198.57 on Wednesday. The business has a 50-day moving average price of $135.15 and a two-hundred day moving average price of $141.83. Credo Technology Group Holding Ltd. has a 1-year low of $55.75 and a 1-year high of $213.80. The company has a market cap of $36.63 billion, a P/E ratio of 110.32 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to analysts' expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business's revenue was up 201.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.25 EPS. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Insider Activity

In other news, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the sale, the chief technology officer owned 6,272,370 shares in the company, valued at $737,630,712. This trade represents a 0.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the sale, the chief executive officer owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is owned by insiders.

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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