Sequoia Financial Advisors LLC Purchases Shares of 2,330 Credo Technology Group Holding Ltd. $CRDO

Key Points

• Sequoia Financial Advisors LLC has purchased 2,330 shares of Credo Technology Group Holding Ltd. valued at approximately $216,000 in the second quarter.
• Several hedge funds have increased their stakes in Credo Technology Group, with Swedbank AB leading with a 29.5% boost, now owning over 3.2 million shares.
• Wall Street analysts maintain a positive outlook for Credo, with two analysts rating it a Strong Buy and a consensus target price of $140.36.

Sequoia Financial Advisors LLC purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,330 shares of the company's stock, valued at approximately $216,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Swedbank AB boosted its holdings in Credo Technology Group by 29.5% in the first 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. raised its position in shares of Credo Technology Group by 6.1% in the first quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company's stock worth $74,151,000 after acquiring an additional 105,405 shares during the period. Goldman Sachs Group Inc. raised its position in shares of 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 worth $61,235,000 after acquiring an additional 589,151 shares during the period. Nuveen LLC acquired a new position in shares of Credo Technology Group in the first quarter worth about $52,636,000. Finally, The Manufacturers Life Insurance Company raised its position in shares of Credo Technology Group by 74.3% in the first quarter. The Manufacturers Life Insurance Company now owns 1,098,369 shares of the company's stock worth $44,110,000 after acquiring an additional 468,145 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $150.34, for a total transaction of $8,268,700.00. Following the completion of the sale, the chief technology officer owned 6,723,961 shares of the company's stock, valued at approximately $1,010,880,296.74. This represents a 0.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction 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 disclosure for this sale can be found here. Insiders have sold 1,006,589 shares of company stock worth $138,151,863 in the last 90 days. 11.84% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Roth Capital reiterated a "buy" rating and issued a $170.00 price objective on shares of Credo Technology Group in a research report on Tuesday, September 30th. Mizuho upped their price objective on shares of Credo Technology Group from $135.00 to $155.00 and gave the stock an "outperform" rating in a research report on Thursday, September 4th. William Blair assumed coverage on shares of Credo Technology Group in a research report on Thursday, September 18th. They issued an "outperform" rating for the company. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research report on Thursday, September 4th. Finally, Zacks Research upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $140.36.

Credo Technology Group Stock Up 10.0%

CRDO opened at $150.97 on Friday. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $176.70. The company has a 50-day moving average price of $140.83 and a 200 day moving average price of $97.74. The company has a market cap of $26.12 billion, a PE ratio of 225.33 and a beta of 2.60.

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

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