605,805 Shares in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Purchased by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP invested $24.33 million in Credo Technology Group, acquiring 605,805 shares, representing approximately 0.36% of the company.
• Multiple analysts have increased their price targets on Credo Technology Group, with Susquehanna raising its target to $115.00 and an average consensus price target of $87.91.
• The stock of Credo Technology Group has seen a significant appreciation, with a recent price increase of 6.6% and is currently valued at approximately $114.70 per share.

Westfield Capital Management Co. LP bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 605,805 shares of the company's stock, valued at approximately $24,329,000. Westfield Capital Management Co. LP owned about 0.36% of Credo Technology Group at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of CRDO. Ameriprise Financial Inc. lifted its holdings in shares of Credo Technology Group by 49.5% in the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock worth $110,482,000 after acquiring an additional 543,940 shares during the last quarter. Two Sigma Investments LP lifted its holdings in shares of Credo Technology Group by 55.3% in the 4th quarter. Two Sigma Investments LP now owns 1,515,268 shares of the company's stock worth $101,841,000 after acquiring an additional 539,766 shares during the last quarter. Polar Capital Holdings Plc lifted its holdings in shares of Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after acquiring an additional 1,150,084 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Credo Technology Group by 17.8% in the 4th quarter. Northern Trust Corp now owns 1,427,852 shares of the company's stock worth $95,966,000 after acquiring an additional 215,368 shares during the last quarter. Finally, Voloridge Investment Management LLC lifted its holdings in shares of Credo Technology Group by 0.7% in the 4th quarter. Voloridge Investment Management LLC now owns 1,285,072 shares of the company's stock worth $86,370,000 after acquiring an additional 8,335 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 2.1%

NASDAQ CRDO traded up $2.44 during trading on Thursday, reaching $119.78. The company's stock had a trading volume of 3,061,539 shares, compared to its average volume of 4,445,111. The stock has a market capitalization of $20.56 billion, a PE ratio of 443.63, a PEG ratio of 2.11 and a beta of 2.59. The business has a 50-day moving average price of $91.66 and a 200-day moving average price of $66.95. Credo Technology Group Holding Ltd. has a 1-year low of $24.08 and a 1-year high of $121.50.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share 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 business had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same period in the previous year, the company earned $0.07 earnings per share. Credo Technology Group's revenue for the quarter was up 179.6% on a year-over-year basis. As a group, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Activity

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $107.00, for a total value of $200,625.00. Following the completion of the sale, the director owned 5,898,652 shares of the company's stock, valued at approximately $631,155,764. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $107.12, for a total transaction of $5,891,600.00. Following the completion of the sale, the chief technology officer directly owned 7,108,961 shares of the company's stock, valued at $761,511,902.32. The trade was a 0.77% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,274,583 shares of company stock worth $113,118,257 in the last quarter. 16.04% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Mizuho increased their target price on shares of Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the company a "buy" rating in a report on Friday, June 13th. Cowen restated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Wall Street Zen lowered shares of Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Finally, TD Cowen raised their price objective on shares of Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. One 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, the stock has a consensus rating of "Buy" and an average price target of $87.91.

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.