Spear Advisors LLC Acquires Shares of 81,349 Credo Technology Group Holding Ltd. $CRDO

Key Points

• Spear Advisors LLC opened a new position in Credo Technology Group, buying 81,349 shares valued at about $11.7 million. The stake represents roughly 8.2% of the firm’s portfolio and its third-largest holding.
• Other institutional investors have also been active in CRDO, and hedge funds and other institutions now own 80.46% of the stock. Meanwhile, insider selling has been notable, including sales by James Laufman and CEO William Joseph Brennan.
• Credo Technology Group reported strong quarterly results, with EPS of $1.07 and revenue of $407.01 million, both beating expectations, while revenue rose 201.5% year over year. Analysts remain broadly positive, with a consensus rating of Moderate Buy and a target price of $207.71.

Spear Advisors LLC acquired a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 81,349 shares of the company's stock, valued at approximately $11,705,000. Credo Technology Group accounts for approximately 8.2% of Spear Advisors LLC's investment portfolio, making the stock its 3rd largest holding.

A number of other large investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Credo Technology Group by 9.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company's stock worth $39,004,000 after buying an additional 23,332 shares during the period. Optimize Financial Inc purchased a new position in Credo Technology Group during the 3rd quarter valued at about $1,431,000. Estate Counselors LLC purchased a new position in Credo Technology Group during the 3rd quarter valued at about $2,548,000. Global Trust Asset Management LLC purchased a new position in Credo Technology Group during the 3rd quarter valued at about $2,167,000. Finally, M&T Bank Corp increased its holdings in Credo Technology Group by 428.8% during the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company's stock valued at $1,932,000 after purchasing an additional 10,888 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Rosenblatt Securities lifted their price objective on Credo Technology Group from $125.00 to $175.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. Weiss Ratings lowered shares of Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, April 24th. Zacks Research lowered Credo Technology Group from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. The Goldman Sachs Group upped their price target on Credo Technology Group from $150.00 to $170.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, Barclays reiterated an "overweight" rating and issued a $260.00 price objective on shares of Credo Technology Group in a report on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $207.71.

Insider Activity at Credo Technology Group

In related news, insider James Laufman sold 10,000 shares of the firm's stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $164.41, for a total value of $1,644,100.00. Following the transaction, the insider owned 198,609 shares of the company's stock, valued at $32,653,305.69. This trade represents a 4.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 6,149 shares of the firm's stock in a transaction dated Sunday, April 5th. The stock was sold at an average price of $101.45, for a total transaction of $623,816.05. Following the completion of the transaction, the chief executive officer directly owned 222,311 shares in the company, valued at $22,553,450.95. This represents a 2.69% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $198.57 on Wednesday. Credo Technology Group Holding Ltd. has a 1-year low of $55.75 and a 1-year high of $213.80. The company has a market capitalization of $36.63 billion, a P/E ratio of 110.32 and a beta of 3.17. The firm's 50 day simple moving average is $135.15 and its two-hundred day simple moving average is $141.83.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.29. The business had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company's revenue for the quarter was up 201.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.25 earnings per share. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group, Inc NASDAQ: CRDO is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.

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