Price T Rowe Associates Inc. MD Acquires 52,054 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Price T Rowe Associates Inc. MD has increased its stake in Credo Technology Group (CRDO) by 5.3%, owning a total of 1,027,989 shares worth approximately $41.3 million after purchasing an additional 52,054 shares.
• Insider transactions included CEO William Joseph Brennan selling 150,000 shares for about $16 million, reducing his ownership by 6.78%.
• Analysts have a consensus rating of “Buy” on Credo Technology Group, with target prices ranging from $85 to $135, reflecting positive sentiment on the stock's value.

Price T Rowe Associates Inc. MD grew its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 5.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,027,989 shares of the company's stock after purchasing an additional 52,054 shares during the quarter. Price T Rowe Associates Inc. MD owned about 0.61% of Credo Technology Group worth $41,285,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Operose Advisors LLC boosted its stake in Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after purchasing an additional 252 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group in the first quarter worth $27,000. Harbour Investments Inc. acquired a new position in Credo Technology Group in the first quarter worth $29,000. Optimum Investment Advisors acquired a new position in Credo Technology Group in the first quarter worth $52,000. Finally, Larson Financial Group LLC boosted its stake in Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after purchasing an additional 245 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Buying and Selling

In related news, Director Pantas Sutardja sold 1,875 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $107.00, for a total value of $200,625.00. Following the completion of the sale, the director owned 5,898,652 shares in the company, valued at approximately $631,155,764. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $107.12, for a total value of $5,891,600.00. Following the completion of the sale, the chief technology officer owned 7,108,961 shares of the company's stock, valued at $761,511,902.32. This represents a 0.77% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,274,583 shares of company stock worth $113,118,257. Company insiders own 11.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Mizuho boosted their price objective on Credo Technology Group from $112.00 to $135.00 and gave the stock an "outperform" rating in a research note on Thursday, August 14th. Stifel Nicolaus boosted their target price on Credo Technology Group from $115.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday. TD Cowen boosted their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Finally, Cowen restated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $92.64.

Credo Technology Group Stock Up 1.0%

NASDAQ CRDO traded up $1.21 on Tuesday, reaching $124.27. The company had a trading volume of 6,392,793 shares, compared to its average volume of 3,642,978. The stock's 50 day moving average is $107.01 and its 200-day moving average is $72.62. The stock has a market cap of $21.49 billion, a price-to-earnings ratio of 460.26, a PEG ratio of 2.21 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 52 week low of $24.08 and a 52 week high of $134.35.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%.The firm's revenue was up 179.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.07 earnings per share. As a group, analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Credo Technology Group 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.