Princeton Global Asset Management LLC Has $1.57 Million Stock Position in Credo Technology Group Holding Ltd. $CRDO

Princeton Global Asset Management LLC raised its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 22.5% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 16,758 shares of the company’s stock after acquiring an additional 3,079 shares during the period. Princeton Global Asset Management LLC’s holdings in Credo Technology Group were worth $1,573,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Patriot Financial Group Insurance Agency LLC boosted its holdings in shares of Credo Technology Group by 109.1% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 18,438 shares of the company’s stock valued at $1,731,000 after buying an additional 9,622 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Credo Technology Group by 40.1% during the first quarter. Janney Montgomery Scott LLC now owns 19,576 shares of the company’s stock worth $1,838,000 after acquiring an additional 5,605 shares during the period. Trilogy Capital Inc. lifted its position in Credo Technology Group by 5.7% in the 1st quarter. Trilogy Capital Inc. now owns 28,524 shares of the company’s stock valued at $2,678,000 after acquiring an additional 1,541 shares in the last quarter. Pictet Asset Management Holding SA lifted its position in Credo Technology Group by 353.9% in the 1st quarter. Pictet Asset Management Holding SA now owns 454,700 shares of the company’s stock valued at $42,683,000 after acquiring an additional 354,521 shares in the last quarter. Finally, Kestra Private Wealth Services LLC boosted its stake in Credo Technology Group by 38.8% in the 1st quarter. Kestra Private Wealth Services LLC now owns 22,745 shares of the company’s stock worth $2,135,000 after purchasing an additional 6,355 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 analysts have issued reports on CRDO shares. Susquehanna increased their target price on Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a report on Tuesday, June 2nd. Rothschild & Co Redburn began coverage on Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. TD Cowen upped their price objective on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Jefferies Financial Group increased their price objective on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Buy” and an average price target of $263.11.

Credo Technology Group Trading Up 0.2%

Credo Technology Group stock opened at $238.44 on Monday. The company has a market cap of $44.47 billion, a P/E ratio of 96.15, a price-to-earnings-growth ratio of 1.09 and a beta of 3.22. Credo Technology Group Holding Ltd. has a 1-year low of $84.25 and a 1-year high of $308.67. The company has a fifty day simple moving average of $213.03 and a 200 day simple moving average of $157.10.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same period in the previous year, the business earned $0.20 EPS. The company’s revenue was up 157.0% compared to the same quarter last year. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Activity

In related news, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the transaction, the chief financial officer directly 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 document filed with the SEC, which is accessible through this hyperlink. 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 the firm’s stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $118.25, for a total value of $3,251,875.00. Following the completion of the transaction, the chief technology officer owned 6,134,870 shares of the company’s stock, valued at approximately $725,448,377.50. This represents a 0.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 416,884 shares of company stock worth $77,492,368 in the last quarter. 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.