Taylor Frigon Capital Management LLC Makes New $1.96 Million Investment in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Taylor Frigon Capital Management LLC acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 48,785 shares of the company's stock, valued at approximately $1,959,000.

Other institutional investors also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Credo Technology Group during the first quarter worth approximately $27,000. Quarry LP bought a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $58,000. Plato Investment Management Ltd bought a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $61,000. CIBC Private Wealth Group LLC boosted its holdings in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after acquiring an additional 348 shares during the period. Finally, Aster Capital Management DIFC Ltd bought a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $82,000. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $93.49 on Monday. The business has a fifty day moving average price of $63.42 and a two-hundred day moving average price of $60.98. Credo Technology Group Holding Ltd. has a fifty-two week low of $22.50 and a fifty-two week high of $95.71. The stock has a market capitalization of $15.87 billion, a PE ratio of 346.26, a PEG ratio of 1.68 and a beta of 2.42.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 9.15%. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same period in the prior year, the business earned $0.07 earnings per share. The company's revenue for the quarter was up 179.6% compared to the same quarter last year. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CRDO. Roth Capital set a $95.00 price target on Credo Technology Group and gave the company a "buy" rating in a research note on Friday, June 13th. Barclays set a $85.00 price target on Credo Technology Group and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. TD Cowen boosted their price target on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Finally, Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Twelve analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $81.00.

Insiders Place Their Bets

In other news, insider James Laufman sold 8,000 shares of the firm's stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the sale, the insider now directly owns 271,725 shares in the company, valued at $10,621,730.25. This trade represents a 2.86% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction dated Friday, April 4th. The shares were sold at an average price of $32.96, for a total value of $1,812,800.00. Following the completion of the sale, the chief technology officer now owns 7,938,602 shares of the company's stock, valued at approximately $261,656,321.92. This represents a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,096,139 shares of company stock worth $72,967,963. Company insiders own 16.04% of the company's stock.

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.

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