Trilogy Capital Inc. Boosts Stake in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Trilogy Capital increased its Credo Technology Group stake by 21.1% in the second quarter, bringing its holdings to 34,550 shares valued at approximately $9.4 million. Institutional investors collectively own 80.46% of the company.
• Credo reported strong quarterly results, with earnings of $1.16 per share and revenue of $437 million, up 157% year over year and exceeding analyst expectations.
• Analysts remain bullish, with a consensus “Buy” rating and an average price target of $266.17, although insiders have sold roughly $72.8 million of stock over the past 90 days.

Trilogy Capital Inc. grew its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 21.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,550 shares of the company's stock after buying an additional 6,026 shares during the quarter. Trilogy Capital Inc.'s holdings in Credo Technology Group were worth $9,396,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Corient Private Wealth LLC grew its holdings in shares of Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock valued at $517,835,000 after acquiring an additional 3,597,318 shares in the last quarter. Amundi lifted its holdings in Credo Technology Group by 28,478.2% during the fourth quarter. Amundi now owns 1,559,796 shares of the company's stock worth $224,439,000 after acquiring an additional 1,554,338 shares during the period. Janus Henderson Group PLC lifted its holdings in Credo Technology Group by 841.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company's stock worth $228,979,000 after acquiring an additional 1,422,391 shares during the period. Bank of America Corp DE boosted its position in Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after purchasing an additional 1,218,504 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

Shares of CRDO opened at $218.35 on Tuesday. The firm has a market cap of $40.72 billion, a PE ratio of 88.04, a PEG ratio of 0.95 and a beta of 3.23. The stock's fifty day moving average price is $236.60 and its two-hundred day moving average price is $172.35. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the company earned $0.20 EPS. The firm's quarterly revenue was up 157.0% compared to the same quarter last year. Sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Daniel W. Fleming sold 7,580 shares of the business's stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the sale, the chief financial officer owned 504,708 shares of the company's stock, valued at $124,097,603.04. The trade was a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the company's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the sale, the chief technology officer owned 5,799,870 shares in the company, valued at $1,192,105,279.80. The trade was a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 302,162 shares of company stock worth $72,810,546. Insiders own 11.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CRDO shares. Barclays raised their target price on Credo Technology Group from $260.00 to $300.00 and gave the company an "overweight" rating in a research report on Monday, July 20th. Needham & Company LLC boosted their price target on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Weiss Ratings upgraded shares of Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, May 26th. Bank of America raised their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a "buy" rating in a report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Credo Technology Group has an average rating of "Buy" and a consensus target price of $266.17.

About Credo Technology Group

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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