Entropy Technologies LP Has $8.58 Million Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Entropy Technologies LP boosted its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 71.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 91,409 shares of the company’s stock after purchasing an additional 38,169 shares during the period. Entropy Technologies LP’s holdings in Credo Technology Group were worth $8,581,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in CRDO. NewEdge Advisors LLC grew its stake in Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after buying an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after acquiring an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after purchasing an additional 7,107 shares during the last quarter. CW Advisors LLC acquired a new stake in Credo Technology Group during the 2nd quarter worth $288,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Rosenblatt Securities increased their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. JPMorgan Chase & Co. increased their price target on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. TD Cowen raised their price target 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. Finally, Rothschild & Co Redburn assumed coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Buy” and a consensus target price of $266.17.

Insider Transactions at Credo Technology Group

In related news, Director Fariba Danesh sold 1,100 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total value of $259,974.00. Following the sale, the director owned 7,017 shares of the company’s stock, valued at approximately $1,658,397.78. This trade represents a 13.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Sylvia Acevedo sold 2,208 shares of the business’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $211.00, for a total value of $465,888.00. Following the completion of the sale, the director owned 16,337 shares in the company, valued at $3,447,107. The trade was a 11.91% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 302,162 shares of company stock valued at $70,897,646. 11.84% of the stock is currently owned by company insiders.

Credo Technology Group Stock Down 9.9%

Shares of NASDAQ:CRDO opened at $213.15 on Friday. The firm has a market cap of $39.75 billion, a price-to-earnings ratio of 85.95, a PEG ratio of 1.08 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The company’s fifty day simple moving average is $235.28 and its 200 day simple moving average is $169.88.

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