13,634 Shares in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Acquired by Stratos Wealth Partners LTD.

Stratos Wealth Partners LTD. purchased 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 13F filing with the Securities & Exchange Commission. The fund purchased 13,634 shares of the company's stock, valued at approximately $548,000.

A number of other large investors have also modified their holdings of the business. GF Fund Management CO. LTD. acquired a new stake in shares of Credo Technology Group during the first quarter worth about $413,000. Calamos Advisors LLC lifted its holdings in shares of Credo Technology Group by 3.1% during the first quarter. Calamos Advisors LLC now owns 17,369 shares of the company's stock worth $698,000 after purchasing an additional 529 shares during the period. Straight Path Wealth Management acquired a new stake in shares of Credo Technology Group during the first quarter worth about $246,000. Teacher Retirement System of Texas lifted its holdings in shares of Credo Technology Group by 464.4% during the first quarter. Teacher Retirement System of Texas now owns 34,987 shares of the company's stock worth $1,405,000 after purchasing an additional 28,788 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Credo Technology Group by 11.2% during the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 17,446 shares of the company's stock worth $701,000 after purchasing an additional 1,760 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Up 2.9%

Shares of CRDO stock traded up $2.94 during trading hours on Thursday, hitting $104.13. 642,471 shares of the company's stock were exchanged, compared to its average volume of 4,195,940. The firm has a market cap of $17.87 billion, a P/E ratio of 385.44, a P/E/G ratio of 1.84 and a beta of 2.57. The firm has a 50 day moving average of $76.85 and a two-hundred day moving average of $63.31. Credo Technology Group Holding Ltd. has a fifty-two week low of $22.50 and a fifty-two week high of $104.19.

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

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 59,641 shares of the company's stock in a transaction that occurred on 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 directly owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. This represents a 0.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Lip Bu Tan sold 171,473 shares of the business's stock in a transaction that occurred on 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 sale, the director owned 613,725 shares of the company's stock, 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. Over the last ninety days, insiders have sold 1,078,139 shares of company stock valued at $82,013,680. Corporate insiders own 16.04% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. TD Cowen lifted 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. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Roth Capital set a $95.00 target price on Credo Technology Group and gave the stock a "buy" rating in a report on Friday, June 13th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Finally, Needham & Company LLC boosted their price target on Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of "Buy" and an average target price of $82.45.

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.