AMJ Financial Wealth Management Acquires New Holdings in Credo Technology Group Holding Ltd. $CRDO

AMJ Financial Wealth Management acquired a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 40,585 shares of the company’s stock, valued at approximately $5,840,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after acquiring an additional 59,849 shares in the last quarter. JPMorgan Chase & Co. raised its position in Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after acquiring an additional 1,190,522 shares in the last quarter. Alliancebernstein L.P. raised its position in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares in the last quarter. Bank of America Corp DE raised its position in Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after acquiring an additional 1,406,752 shares in the last quarter. Finally, Swedbank AB raised its position in Credo Technology Group by 47.1% during the fourth quarter. Swedbank AB now owns 2,062,779 shares of the company’s stock valued at $296,813,000 after acquiring an additional 660,679 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

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

Credo Technology Group Trading Down 6.7%

Shares of CRDO stock opened at $172.17 on Friday. Credo Technology Group Holding Ltd. has a 1 year low of $57.21 and a 1 year high of $213.80. The firm’s fifty day simple moving average is $139.79 and its 200 day simple moving average is $142.52. The firm has a market capitalization of $31.76 billion, a P/E ratio of 95.65 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. During the same quarter in the previous year, the firm posted $0.25 earnings per share. Credo Technology Group’s revenue was up 201.5% compared to the same quarter last year. Equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Mizuho dropped their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Stifel Nicolaus set a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Roth Mkm dropped their price target on shares of 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. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. Finally, Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $207.71.

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.