Sigma Planning Corp Takes Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Sigma Planning Corp purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 6,147 shares of the company's stock, valued at approximately $247,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CRDO. Geode Capital Management LLC grew its stake in shares of Credo Technology Group by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock valued at $222,884,000 after buying an additional 138,686 shares in the last quarter. Norges Bank acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at about $117,242,000. Alliancebernstein L.P. grew its stake in shares of Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after buying an additional 1,305,594 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Credo Technology Group by 49.5% in the fourth quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock valued at $110,482,000 after buying an additional 543,940 shares in the last quarter. Finally, Two Sigma Investments LP grew its stake in shares of Credo Technology Group by 55.3% in the fourth quarter. Two Sigma Investments LP now owns 1,515,268 shares of the company's stock valued at $101,841,000 after buying an additional 539,766 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 59,641 shares of the stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the completion of the transaction, the chief technology officer owned 7,603,961 shares in the company, valued at approximately $569,992,916.56. This represents a 0.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lip Bu Tan sold 171,473 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $77.90, for a total value of $13,357,746.70. Following the transaction, the director owned 613,725 shares of the company's stock, valued at approximately $47,809,177.50. This trade represents a 21.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,078,139 shares of company stock valued at $85,302,680. Corporate insiders own 16.04% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wall Street Zen downgraded Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Roth Capital set a $95.00 price target on Credo Technology Group and gave the company a "buy" rating in a report on Friday, June 13th. TD Cowen increased their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th. Finally, Stifel Nicolaus increased their target price on Credo Technology Group from $80.00 to $115.00 and gave the stock a "buy" rating in a report on Friday, July 18th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of "Buy" and a consensus price target of $87.91.

Credo Technology Group Stock Up 0.0%

NASDAQ:CRDO traded up $0.05 during trading hours on Friday, hitting $101.22. 2,303,405 shares of the stock were exchanged, compared to its average volume of 4,562,127. The company's 50 day moving average is $82.55 and its two-hundred day moving average is $64.57. Credo Technology Group Holding Ltd. has a twelve month low of $22.50 and a twelve month high of $104.35. The company has a market capitalization of $17.37 billion, a P/E ratio of 374.89, a price-to-earnings-growth ratio of 1.82 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The company had revenue of $170.00 million for 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 quarterly revenue was up 179.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.07 EPS. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

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.