Orion Porfolio Solutions LLC Has $1.83 Million Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Orion Porfolio Solutions LLC lifted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 75.9% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 12,587 shares of the company’s stock after buying an additional 5,430 shares during the quarter. Orion Porfolio Solutions LLC’s holdings in Credo Technology Group were worth $1,833,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in CRDO. California Public Employees Retirement System grew its position in shares of Credo Technology Group by 17.2% in the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after buying an additional 37,772 shares during the last quarter. Optimize Financial Inc bought a new position in shares of Credo Technology Group during the third quarter worth about $1,431,000. Estate Counselors LLC acquired a new position in shares of Credo Technology Group in the third quarter worth approximately $2,548,000. Global Trust Asset Management LLC bought a new stake in Credo Technology Group in the third quarter valued at approximately $2,167,000. Finally, New York State Common Retirement Fund boosted its holdings in Credo Technology Group by 106.5% in the third quarter. New York State Common Retirement Fund now owns 146,134 shares of the company’s stock valued at $21,279,000 after acquiring an additional 75,369 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insiders Place Their Bets

In other Credo Technology Group news, Director Sylvia Acevedo sold 2,200 shares of Credo Technology Group stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total value of $350,196.00. Following the completion of the sale, the director directly owned 18,545 shares of the company’s stock, valued at approximately $2,951,993.10. The trade was a 10.60% 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 company’s stock in a transaction dated 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 $802,414,441.90. This represents a 0.43% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 423,085 shares of company stock valued at $59,514,322. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $115.91 on Thursday. The stock has a market capitalization of $21.38 billion, a price-to-earnings ratio of 64.39 and a beta of 2.67. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80. The stock’s 50 day moving average price is $127.91 and its two-hundred day moving average price is $143.24.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company had revenue of $407.01 million during the quarter, compared to analyst estimates of $385.94 million. During the same quarter in the previous year, the business posted $0.25 EPS. Credo Technology Group’s revenue for the quarter was up 201.5% compared to the same quarter last year. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $220.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. The Goldman Sachs Group set a $165.00 price objective on shares of Credo Technology Group and gave the company a “buy” rating in a research note on Thursday, February 19th. TD Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Mizuho lowered their target price on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, March 3rd. Finally, New Street Research set a $240.00 target price on shares of Credo Technology Group in a report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $206.33.

Credo Technology Group Company 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.