Credo Technology Group Holding Ltd. $CRDO Shares Bought by Kieckhefer Group LLC

Kieckhefer Group LLC grew its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 74.1% in the 3rd quarter, Holdings Channel reports. The fund owned 27,780 shares of the company’s stock after purchasing an additional 11,823 shares during the quarter. Credo Technology Group accounts for 2.2% of Kieckhefer Group LLC’s portfolio, making the stock its 9th biggest position. Kieckhefer Group LLC’s holdings in Credo Technology Group were worth $5,411,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Reflection Asset Management bought a new stake in Credo Technology Group during the 4th quarter worth about $25,000. Orion Capital Management LLC acquired a new stake in Credo Technology Group during the second quarter worth approximately $27,000. AlphaCentric Advisors LLC acquired a new position in Credo Technology Group in the 1st quarter valued at $33,000. Burkett Financial Services LLC bought a new stake in Credo Technology Group in the 3rd quarter valued at about $33,000. Finally, Western Wealth Management LLC acquired a new stake in Credo Technology Group during the first quarter worth approximately $38,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Activity at Credo Technology Group

In related news, CEO William Brennan sold 16,672 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $151.88, for a total value of $2,532,143.36. Following the completion of the transaction, the chief executive officer directly owned 1,600,830 shares of the company’s stock, valued at approximately $243,134,060.40. This trade represents a 1.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 50,000 shares of Credo Technology Group stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $205.22, for a total value of $10,261,000.00. Following the completion of the transaction, the chief operating officer owned 2,254,169 shares of the company’s stock, valued at approximately $462,600,562.18. This trade represents a 2.17% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 428,376 shares of company stock worth $87,012,128. Company insiders own 9.06% of the company’s stock.

Credo Technology Group Trading Down 3.4%

Shares of CRDO traded down $6.83 during trading hours on Tuesday, reaching $194.01. 6,418,052 shares of the stock traded hands, compared to its average volume of 7,534,832. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The stock has a fifty day simple moving average of $208.78 and a 200 day simple moving average of $203.24. The company has a market cap of $36.46 billion, a price-to-earnings ratio of 69.13, a PEG ratio of 0.86 and a beta of 3.25.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The company had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. During the same period last year, the business posted $0.52 earnings per share. Credo Technology Group’s revenue was up 114.7% on a year-over-year basis. Analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CRDO has been the topic of several recent analyst reports. Stifel Nicolaus decreased their target price on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a report on Monday, October 5th. TD Cowen boosted their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Barclays upped their target price on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Evercore set a $292.00 price objective on Credo Technology Group in a research note on Wednesday, September 2nd. Finally, Susquehanna raised their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and an average target price of $262.67.

Credo Technology Group Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company’s product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.