Williamson Legacy Group LLC Invests $1.59 Million in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Williamson Legacy Group LLC opened a new position in Credo Technology Group, buying 11,031 shares valued at about $1.59 million in the fourth quarter.
• Credo Technology Group posted strong quarterly results, with EPS of $1.07 and revenue of $407.01 million, both ahead of estimates. Revenue surged 201.5% year over year.
• Analysts remain bullish on CRDO, with a consensus Buy rating and an average price target of $207.71, while the stock was trading near $221.64.

Williamson Legacy Group LLC bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 11,031 shares of the company's stock, valued at approximately $1,587,000. Credo Technology Group makes up approximately 1.2% of Williamson Legacy Group LLC's portfolio, making the stock its 29th largest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Credo Technology Group by 9.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company's stock worth $39,004,000 after acquiring an additional 23,332 shares in the last quarter. Optimize Financial Inc acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth about $1,431,000. M&T Bank Corp raised its position in shares of Credo Technology Group by 428.8% during the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company's stock worth $1,932,000 after acquiring an additional 10,888 shares in the last quarter. FengHe Fund Management Pte. Ltd. raised its position in shares of Credo Technology Group by 5.7% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company's stock worth $23,349,000 after acquiring an additional 8,769 shares in the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of Credo Technology Group by 106.5% during the 3rd quarter. New York State Common Retirement Fund now owns 146,134 shares of the company's stock worth $21,279,000 after acquiring an additional 75,369 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CRDO shares. Stifel Nicolaus set a $200.00 target price on Credo Technology Group in a research report on Tuesday, March 3rd. Roth Mkm cut their price target on Credo Technology Group from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Tuesday, February 10th. Susquehanna cut their price target on Credo Technology Group from $230.00 to $170.00 and set a "positive" rating on the stock in a research report on Tuesday, March 3rd. Jefferies Financial Group assumed coverage on Credo Technology Group in a research report on Monday, April 13th. They set a "buy" rating and a $175.00 price target on the stock. Finally, Craig Hallum reaffirmed a "buy" rating and set a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $207.71.

Credo Technology Group Stock Up 1.5%

CRDO opened at $221.64 on Wednesday. The firm has a market cap of $40.88 billion, a price-to-earnings ratio of 123.13 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 52 week low of $59.21 and a 52 week high of $233.70. The business's 50 day moving average is $151.03 and its two-hundred day moving average is $143.51.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm's revenue was up 201.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 earnings per share. Equities analysts expect that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. The trade was a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 386,608 shares of company stock worth $50,371,351. Corporate insiders own 11.84% of the company's stock.

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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