7,483 Shares in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Acquired by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 7,483 shares of the company's stock, valued at approximately $301,000.

A number of other large investors also recently modified their holdings of the company. Quarry LP purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $58,000. CIBC Private Wealth Group LLC increased its stake 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 valued at $75,000 after buying an additional 348 shares during the period. GAMMA Investing LLC increased its stake in shares of Credo Technology Group by 103.5% during the first quarter. GAMMA Investing LLC now owns 1,982 shares of the company's stock valued at $80,000 after buying an additional 1,008 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $82,000. Finally, Ritter Daniher Financial Advisory LLC DE purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $87,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 59,641 shares of the company'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 transaction, the chief technology officer owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. This represents a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lip Bu Tan sold 171,473 shares of the company's stock in a transaction dated 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 completion of the transaction, the director directly 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 1,141,139 shares of company stock valued at $80,876,813. Corporate insiders own 16.04% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Needham & Company LLC boosted their target price on Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Stifel Nicolaus lifted their price target on Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Barclays set a $85.00 price target on Credo Technology Group and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. Finally, TD Cowen boosted 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. Twelve investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $82.45.

Credo Technology Group Price Performance

Credo Technology Group stock traded up $4.23 during mid-day trading on Wednesday, reaching $97.59. 6,820,866 shares of the stock traded hands, compared to its average volume of 4,160,255. The stock has a market capitalization of $16.75 billion, a PE ratio of 361.44, a price-to-earnings-growth ratio of 1.66 and a beta of 2.57. Credo Technology Group Holding Ltd. has a 12-month low of $22.50 and a 12-month high of $99.29. The business's 50-day moving average is $70.56 and its 200-day moving average is $62.06.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates 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 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 quarter in the prior year, the business posted $0.07 earnings per share. Equities analysts anticipate 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.