Princeton Global Asset Management LLC Takes $2.54 Million Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Princeton Global Asset Management LLC has acquired a new position in Credo Technology Group Holding Ltd. valued at approximately $2.54 million, purchasing 27,458 shares in the second quarter.
• A significant portion of Credo Technology Group's stock, around 80.46%, is held by institutional investors and hedge funds, indicating strong institutional interest in the company.
• Recent analyst reports show a consensus "Buy" rating for Credo Technology Group, with a target price range of $150.00 to $170.00 set by several firms.

Princeton Global Asset Management LLC bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 27,458 shares of the company's stock, valued at approximately $2,542,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Swedbank AB boosted its stake in Credo Technology Group by 29.5% in the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company's stock worth $129,280,000 after purchasing an additional 733,811 shares during the period. Alliancebernstein L.P. boosted its stake in Credo Technology Group by 6.1% in the 1st quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company's stock worth $74,151,000 after purchasing an additional 105,405 shares during the period. Goldman Sachs Group Inc. boosted its stake in Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after purchasing an additional 589,151 shares during the period. Nuveen LLC acquired a new position in Credo Technology Group in the 1st quarter worth $52,636,000. Finally, The Manufacturers Life Insurance Company boosted its stake in Credo Technology Group by 74.3% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,098,369 shares of the company's stock worth $44,110,000 after purchasing an additional 468,145 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 9,476 shares of the company's stock in a transaction dated Tuesday, October 7th. The shares were sold at an average price of $140.06, for a total value of $1,327,208.56. Following the sale, the chief executive officer directly owned 347,399 shares of the company's stock, valued at approximately $48,656,703.94. This represents a 2.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Pantas Sutardja sold 4,408 shares of the company's stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $147.41, for a total transaction of $649,783.28. Following the completion of the sale, the director directly owned 5,894,244 shares in the company, valued at approximately $868,870,508.04. The trade was a 0.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 951,589 shares of company stock worth $129,883,163 in the last 90 days. 11.84% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of research analyst reports. Roth Capital reaffirmed a "buy" rating and issued a $170.00 target price on shares of Credo Technology Group in a research note on Tuesday, September 30th. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $85.00 to $150.00 and gave the stock a "buy" rating in a research report on Thursday, September 4th. Stifel Nicolaus set a $160.00 price target on shares of Credo Technology Group in a research report on Wednesday, October 1st. William Blair assumed coverage on shares of Credo Technology Group in a research report on Thursday, September 18th. They set an "outperform" rating on the stock. Finally, Cowen reissued a "buy" rating on shares of Credo Technology Group in a research report on Thursday, September 4th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $131.58.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $143.61 on Monday. The firm's 50-day moving average is $138.80 and its 200-day moving average is $95.51. The stock has a market cap of $24.84 billion, a price-to-earnings ratio of 214.34 and a beta of 2.60. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $176.70.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). The firm had revenue of $223.07 million during the quarter, compared to the consensus estimate of $190.63 million. Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The firm's revenue for the quarter was up 273.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.04 earnings per share. Credo Technology Group has set its Q2 2026 guidance at EPS. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal 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.

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