Patriot Financial Group Insurance Agency LLC Boosts Stake in Credo Technology Group Holding Ltd. $CRDO

Patriot Financial Group Insurance Agency LLC boosted its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 109.1% in the 1st quarter, HoldingsChannel reports. The fund owned 18,438 shares of the company’s stock after acquiring an additional 9,622 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in Credo Technology Group were worth $1,731,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Janney Montgomery Scott LLC grew its stake in shares of Credo Technology Group by 40.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 19,576 shares of the company’s stock worth $1,838,000 after purchasing an additional 5,605 shares during the period. Trilogy Capital Inc. boosted its holdings in Credo Technology Group by 5.7% during the first quarter. Trilogy Capital Inc. now owns 28,524 shares of the company’s stock worth $2,678,000 after buying an additional 1,541 shares in the last quarter. Pictet Asset Management Holding SA grew its position in Credo Technology Group by 353.9% during the first quarter. Pictet Asset Management Holding SA now owns 454,700 shares of the company’s stock worth $42,683,000 after buying an additional 354,521 shares during the period. Kestra Private Wealth Services LLC increased its holdings in Credo Technology Group by 38.8% in the first quarter. Kestra Private Wealth Services LLC now owns 22,745 shares of the company’s stock valued at $2,135,000 after buying an additional 6,355 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in shares of Credo Technology Group by 6.7% during the 1st quarter. Blue Trust Inc. now owns 5,044 shares of the company’s stock valued at $473,000 after acquiring an additional 315 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. TD Cowen upped their price target on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. JPMorgan Chase & Co. boosted their target price on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 2nd. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. Bank of America raised their price target on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Finally, Rosenblatt Securities lifted their price target on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and an average price target of $263.11.

Insider Activity at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the transaction, the chief financial officer owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $118.25, for a total transaction of $3,251,875.00. Following the completion of the sale, the chief technology officer directly owned 6,134,870 shares of the company’s stock, valued at $725,448,377.50. The trade was a 0.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 389,384 shares of company stock valued at $74,982,168. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Up 3.2%

Credo Technology Group stock opened at $245.68 on Tuesday. The stock has a 50-day moving average price of $214.77 and a 200 day moving average price of $157.64. Credo Technology Group Holding Ltd. has a 52 week low of $84.25 and a 52 week high of $308.67. The stock has a market cap of $45.81 billion, a PE ratio of 99.06, a P/E/G ratio of 1.09 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same period in the prior year, the firm earned $0.20 EPS. The firm’s quarterly revenue was up 157.0% on a year-over-year basis. On average, equities analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

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.