Straight Path Wealth Management Purchases New Stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Straight Path Wealth Management acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 6,125 shares of the company's stock, valued at approximately $246,000.

Several other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC grew its position in Credo Technology Group by 4.4% during 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 during the period. Norges Bank acquired a new position in Credo Technology Group in the 4th quarter worth about $117,242,000. Alliancebernstein L.P. boosted its position in Credo Technology Group by 299.9% during the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after purchasing an additional 1,305,594 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in 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 purchasing an additional 543,940 shares during the period. Finally, Two Sigma Investments LP grew its holdings in 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 purchasing an additional 539,766 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 59,641 shares of the business's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36. Following the completion of the sale, the chief technology officer directly owned 7,603,961 shares of the company's stock, valued at approximately $569,992,916.56. The trade was 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 firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the transaction, the director directly owned 613,725 shares in the company, valued at $47,809,177.50. The trade was a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,086,139 shares of company stock valued at $75,820,113 in the last 90 days. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Price Performance

Shares of CRDO traded up $3.81 during midday trading on Friday, reaching $93.18. The stock had a trading volume of 3,239,611 shares, compared to its average volume of 4,124,303. The company's fifty day simple moving average is $67.58 and its two-hundred day simple moving average is $61.59. The company has a market cap of $15.82 billion, a price-to-earnings ratio of 345.09, a PEG ratio of 1.60 and a beta of 2.57. Credo Technology Group Holding Ltd. has a 1-year low of $22.50 and a 1-year high of $95.71.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The business had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 9.15%. The company's revenue for the quarter 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, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CRDO shares. TD Cowen upped their price objective on shares of Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Needham & Company LLC boosted their price target on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Finally, Mizuho increased their price target on Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a report on Thursday. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Credo Technology Group presently has an average rating of "Buy" and an average target price of $82.45.

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.