Hillsdale Investment Management Inc. Has $11.40 Million Position in Credo Technology Group Holding Ltd. $CRDO

Hillsdale Investment Management Inc. lessened its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 15.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 78,310 shares of the company’s stock after selling 14,040 shares during the period. Hillsdale Investment Management Inc.’s holdings in Credo Technology Group were worth $11,403,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group in the third quarter worth $25,000. First Horizon Corp acquired a new stake in Credo Technology Group during the third quarter worth about $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in Credo Technology Group during the second quarter worth about $27,000. Smartleaf Asset Management LLC increased its holdings in Credo Technology Group by 133.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after buying an additional 147 shares during the period. Finally, Park Place Capital Corp acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at approximately $41,000. 80.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Thursday, January 29th. The shares were sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the transaction, the chief technology officer owned 6,299,870 shares in the company, valued at approximately $802,414,441.90. The trade was a 0.43% 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, CEO William Joseph Brennan sold 18,016 shares of the business’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $127.69, for a total transaction of $2,300,463.04. Following the completion of the sale, the chief executive officer directly owned 252,625 shares in the company, valued at approximately $32,257,686.25. This represents a 6.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 917,976 shares of company stock worth $136,567,647 over the last quarter. Insiders own 11.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CRDO. New Street Research set a $240.00 price target on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Rosenblatt Securities initiated coverage on Credo Technology Group in a report on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 target price on the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. The Goldman Sachs Group set a $165.00 price objective on Credo Technology Group and gave the stock a “buy” rating in a research report on Thursday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Credo Technology Group in a research report on Tuesday, February 10th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $209.29.

Credo Technology Group Stock Down 5.1%

NASDAQ CRDO opened at $124.06 on Friday. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $213.80. The company has a market cap of $22.41 billion, a price-to-earnings ratio of 108.83 and a beta of 2.65. The business’s fifty day moving average is $135.98 and its 200 day moving average is $143.25.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The firm had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same period last year, the company earned $0.07 earnings per share. The business’s quarterly revenue was up 272.1% on a year-over-year basis. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Credo Technology Group Profile

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.