Elemental Capital Partners LLC Boosts Stock Position in Credo Technology Group Holding Ltd. $CRDO

Elemental Capital Partners LLC raised its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 21.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 233,568 shares of the company’s stock after acquiring an additional 41,358 shares during the period. Credo Technology Group comprises about 9.3% of Elemental Capital Partners LLC’s investment portfolio, making the stock its 3rd largest holding. Elemental Capital Partners LLC’s holdings in Credo Technology Group were worth $21,925,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after purchasing an additional 59,849 shares during the period. State Street Corp grew its position in shares of Credo Technology Group by 23.4% in the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after purchasing an additional 849,654 shares during the period. Geode Capital Management LLC grew its position in shares of Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after purchasing an additional 184,676 shares during the period. Corient Private Wealth LLC increased its stake in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction 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 completion of the transaction, the chief financial officer owned 501,873 shares in the company, 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 can be accessed 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, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the transaction, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at approximately $80,286,662.39. This trade represents a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 405,095 shares of company stock valued at $81,206,774 over the last ninety days. Insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $241.91 on Friday. The stock has a 50-day simple moving average of $219.87 and a 200 day simple moving average of $159.87. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The company has a market cap of $45.11 billion, a PE ratio of 97.54, a PEG ratio of 1.18 and a beta of 3.20.

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

Wall Street Analysts Forecast Growth

CRDO has been the topic of several research analyst reports. Mizuho raised their target price on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Needham & Company LLC upped their price target on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a report on Monday, June 1st. Susquehanna increased their price objective on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research report on Tuesday, June 2nd. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price objective on the stock. Finally, Evercore assumed coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $263.11.

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.