Thoroughbred Financial Services LLC Grows Holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Thoroughbred Financial Services LLC increased its holdings in Credo Technology Group by 229% in Q1, now owning 23,726 shares worth approximately $952,000.
• Several institutional investors have also recently acquired stakes in Credo Technology Group, with hedge funds holding about 80.46% of the company's stock.
• Analysts are optimistic about Credo's stock, with multiple upgrades and a majority rating it as a "buy," leading to an average target price of $87.91.

Thoroughbred Financial Services LLC boosted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 229.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,726 shares of the company's stock after acquiring an additional 16,514 shares during the period. Thoroughbred Financial Services LLC's holdings in Credo Technology Group were worth $952,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group in the first quarter valued at $27,000. Harbour Investments Inc. acquired a new position in Credo Technology Group in the first quarter valued at $29,000. Quarry LP acquired a new position in Credo Technology Group in the fourth quarter valued at $58,000. CIBC Private Wealth Group LLC increased its stake in Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after purchasing an additional 348 shares during the period. Finally, Aster Capital Management DIFC Ltd acquired a new position in Credo Technology Group in the fourth quarter valued at $82,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Lip Bu Tan sold 171,473 shares of the firm's stock in a transaction on Monday, June 16th. The shares were 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William Joseph Brennan sold 150,000 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,061,978 shares in the company, valued at approximately $220,363,588.86. This represents a 6.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,274,583 shares of company stock valued at $113,118,257 over the last quarter. Company insiders own 16.04% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Mizuho boosted their price target on shares of Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Finally, TD Cowen boosted their price target on shares of Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of "Buy" and an average target price of $87.91.

Credo Technology Group Trading Up 0.5%

Shares of CRDO stock traded up $0.63 during trading hours on Friday, hitting $120.41. The company's stock had a trading volume of 2,917,546 shares, compared to its average volume of 4,330,842. Credo Technology Group Holding Ltd. has a twelve month low of $24.08 and a twelve month high of $121.50. The business has a fifty day moving average of $92.86 and a 200-day moving average of $67.22. The stock has a market cap of $20.67 billion, a price-to-earnings ratio of 445.96, a P/E/G ratio of 2.15 and a beta of 2.59.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The firm had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same quarter last year, the business earned $0.07 earnings per share. Credo Technology Group's revenue was up 179.6% compared to the same quarter last year. On average, equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

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.