Prosperitas Financial LLC Buys 12,649 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Prosperitas Financial acquired 12,649 Credo Technology shares worth approximately $2.46 million in the third quarter. Institutional investors and hedge funds collectively own 80.46% of the company.
• Analyst sentiment remains positive, with Credo holding a consensus “Moderate Buy” rating and an average price target of $262.67, despite mixed recent rating changes.
• Credo reported quarterly revenue of $479 million, up 114.7% year over year, and earnings of $1.20 per share, exceeding analyst expectations. However, insiders sold 352,538 shares valued at about $67.2 million over the past 90 days.

Prosperitas Financial LLC bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 12,649 shares of the company's stock, valued at approximately $2,464,000.

A number of other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Credo Technology Group by 2.6% during the third quarter. GAMMA Investing LLC now owns 1,986 shares of the company's stock valued at $387,000 after acquiring an additional 51 shares in the last quarter. City Center Advisors LLC increased its stake in Credo Technology Group by 2.1% during the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company's stock valued at $706,000 after purchasing an additional 53 shares in the last quarter. Versant Capital Management Inc raised its holdings in Credo Technology Group by 8.0% during the second quarter. Versant Capital Management Inc now owns 755 shares of the company's stock worth $205,000 after buying an additional 56 shares during the last quarter. Prentice Wealth Management LLC raised its holdings in Credo Technology Group by 7.5% during the third quarter. Prentice Wealth Management LLC now owns 1,038 shares of the company's stock worth $202,000 after buying an additional 72 shares during the last quarter. Finally, TD Waterhouse Canada Inc. raised its holdings in Credo Technology Group by 28.1% during the third quarter. TD Waterhouse Canada Inc. now owns 337 shares of the company's stock worth $71,000 after buying an additional 74 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRDO has been the subject of several analyst reports. Bank of America lowered their price objective on Credo Technology Group from $340.00 to $275.00 and set a "buy" rating for the company in a research note on Wednesday, September 2nd. Susquehanna lifted their target price on Credo Technology Group from $235.00 to $250.00 and gave the company a "positive" rating in a research report on Tuesday, July 21st. Zacks Research downgraded Credo Technology Group from a "strong-buy" rating to a "hold" rating in a report on Monday, August 3rd. Wall Street Zen downgraded Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Finally, Rosenblatt Securities restated a "neutral" rating and set a $235.00 price objective on shares of Credo Technology Group in a research note on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Credo Technology Group presently has a consensus rating of "Moderate Buy" and an average price target of $262.67.

Credo Technology Group Price Performance

CRDO stock opened at $150.99 on Friday. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The company has a market cap of $28.38 billion, a P/E ratio of 53.73, a PEG ratio of 0.66 and a beta of 3.25. The firm has a 50-day moving average of $188.40 and a 200 day moving average of $180.84.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The business had revenue of $479.00 million for the quarter, compared to analysts' expectations of $473.30 million. During the same period in the previous year, the firm posted $0.52 EPS. The business's revenue was up 114.7% on a year-over-year basis. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Cheng sold 27,500 shares of the stock in a transaction on Tuesday, October 27th. The stock was sold at an average price of $164.12, for a total value of $4,513,300.00. Following the completion of the transaction, the chief technology officer owned 5,552,397 shares in the company, valued at approximately $911,259,395.64. This represents a 0.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Brennan sold 16,666 shares of the firm's stock in a transaction on Monday, October 19th. The shares were sold at an average price of $174.87, for a total value of $2,914,383.42. Following the transaction, the chief executive officer directly owned 1,584,164 shares of the company's stock, valued at $277,022,758.68. This represents a 1.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 352,538 shares of company stock valued at $67,200,077 over the last ninety days. Insiders own 9.06% of the company's stock.

Credo Technology Group Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company's portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.

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