Credo Technology Group Holding Ltd. $CRDO Stock: Sigma Planning Corp Boosts Stake

Sigma Planning Corp raised its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 175.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,734 shares of the company’s stock after buying an additional 10,021 shares during the quarter. Sigma Planning Corp’s holdings in Credo Technology Group were worth $3,065,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. EULAV Asset Management bought a new stake in shares of Credo Technology Group during the third quarter valued at approximately $16,875,000. Yousif Capital Management LLC grew its stake in Credo Technology Group by 6.8% during the third quarter. Yousif Capital Management LLC now owns 2,349 shares of the company’s stock valued at $458,000 after acquiring an additional 149 shares in the last quarter. Demars Financial Group LLC purchased a new position in Credo Technology Group during the third quarter valued at $431,000. Royal Fund Management LLC grew its stake in Credo Technology Group by 48.2% during the third quarter. Royal Fund Management LLC now owns 3,509 shares of the company’s stock valued at $684,000 after acquiring an additional 1,142 shares in the last quarter. Finally, Root Financial Partners LLC bought a new stake in Credo Technology Group in the 3rd quarter valued at $48,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Up 2.6%

Shares of CRDO opened at $151.15 on Tuesday. The firm has a market capitalization of $28.41 billion, a P/E ratio of 49.76, a P/E/G ratio of 0.59 and a beta of 3.25. The firm has a fifty day moving average price of $195.15 and a 200-day moving average price of $180.50. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67.

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

Analyst Ratings Changes

Several analysts have commented on CRDO shares. Barclays boosted their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Weiss Ratings lowered Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. TD Cowen lifted their target price on Credo Technology Group from $260.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. Susquehanna increased their target price on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Finally, Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $262.67.

Insiders Place Their Bets

In other news, CFO Daniel Fleming sold 7,580 shares of the company’s stock in a transaction that occurred on Thursday, October 8th. The shares were sold at an average price of $212.91, for a total value of $1,613,857.80. Following the completion of the sale, the chief financial officer owned 492,208 shares of the company’s stock, valued at approximately $104,796,005.28. This represents a 1.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $172.62, for a total value of $4,747,050.00. Following the sale, the chief technology officer directly owned 5,579,897 shares in the company, valued at $963,201,820.14. This trade represents a 0.49% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 457,952 shares of company stock worth $90,919,736. 9.06% of the stock is owned by corporate insiders.

Credo Technology Group Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.