Sara Bay Financial Invests $231,000 in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Sara Bay Financial invested approximately $231,000 in Credo Technology Group by purchasing 2,500 shares during the 2nd quarter.
• Credo Technology Group's stock has experienced fluctuations, recently reporting a 1.1% decline with a current price of $162.26.
• Following the latest earnings report, equities research analysts have raised their target prices for CRDO, with notable increases from TD Cowen and Barclays.

Sara Bay Financial bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,500 shares of the company's stock, valued at approximately $231,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Swedbank AB increased its position in shares of Credo Technology Group by 29.5% in the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company's stock valued at $129,280,000 after purchasing an additional 733,811 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Credo Technology Group by 6.1% during the first 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 in the last quarter. Goldman Sachs Group Inc. increased its holdings in Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock valued at $61,235,000 after buying an additional 589,151 shares during the last quarter. Nuveen LLC acquired a new stake in Credo Technology Group in the first quarter valued at $52,636,000. Finally, The Manufacturers Life Insurance Company lifted its holdings in Credo Technology Group by 74.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,098,369 shares of the company's stock worth $44,110,000 after buying an additional 468,145 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Down 1.1%

Shares of NASDAQ:CRDO opened at $162.26 on Wednesday. The company has a 50-day moving average price of $125.51 and a 200 day moving average price of $82.78. Credo Technology Group Holding Ltd. has a 52 week low of $28.75 and a 52 week high of $176.70. The company has a market cap of $28.07 billion, a P/E ratio of 242.18 and a beta of 2.59.

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 business had revenue of $223.07 million for the quarter, compared to analysts' expectations of $190.63 million. Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The business's quarterly revenue was up 273.6% on a year-over-year basis. During the same period last year, the company posted $0.04 earnings per share. Credo Technology Group has set its Q2 2026 guidance at EPS. Analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CRDO shares. TD Cowen raised their target price on Credo Technology Group from $140.00 to $160.00 and gave the stock a "buy" rating in a research report on Thursday, September 4th. Barclays raised their target price on Credo Technology Group from $85.00 to $165.00 and gave the stock an "overweight" rating in a research report on Thursday, September 4th. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research report on Thursday, September 4th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Finally, Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday. Two analysts have rated the stock with a Strong Buy rating and thirteen have issued a Buy rating to the company's stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of "Buy" and an average price target of $126.27.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $107.12, for a total transaction of $5,891,600.00. Following the completion of the sale, the chief technology officer directly owned 7,108,961 shares in the company, valued at approximately $761,511,902.32. This trade represents a 0.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 150,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $106.87, for a total value of $16,030,500.00. Following the completion of the sale, the chief executive officer owned 2,061,978 shares in the company, valued at approximately $220,363,588.86. This represents a 6.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 743,915 shares of company stock worth $87,801,495 over the last 90 days. 11.84% of the stock is currently owned by company insiders.

Credo Technology Group Company 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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