SummitTX Capital L.P. Raises Holdings in Credo Technology Group Holding Ltd. $CRDO

SummitTX Capital L.P. grew its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 112.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 6,816 shares of the company’s stock after acquiring an additional 3,614 shares during the period. SummitTX Capital L.P.’s holdings in Credo Technology Group were worth $640,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of the company. NewEdge Advisors LLC increased its stake in shares of 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 period. Goldman Sachs Group Inc. increased its holdings in shares of Credo Technology Group by 63.0% in the 1st 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 grew its holdings in shares of Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after buying an additional 7,107 shares during the last quarter. CW Advisors LLC purchased a new stake in shares of Credo Technology Group during the second quarter worth approximately $288,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after acquiring an additional 333 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group News Summary

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Zacks named CRDO a Rank #1 (Strong Buy) growth stock on July 30, reinforcing favorable analyst sentiment and potentially attracting growth-oriented investors. Best Growth Stocks to Buy for July 30th
• Positive Sentiment: Credo’s latest quarterly results remain a fundamental tailwind: revenue rose 157% year over year to $437 million, while earnings of $1.16 per share exceeded the $1.02 consensus estimate. Analysts currently maintain a consensus “Buy” rating with an average price target of $266.17.
• Positive Sentiment: A Seeking Alpha analysis said the recent CRDO sell-off may be overdone, citing the company’s exposure to artificial-intelligence infrastructure and long-term data-center connectivity growth. Credo Stock Sell-Off Looks Overblown
• Neutral Sentiment: CTO Chi Fung Cheng sold 27,500 shares for approximately $5.65 million at an average price of $205.54. The transaction was executed under a pre-arranged Rule 10b5-1 plan and reduced his holdings by only 0.47%; he still owns roughly 5.8 million shares. SEC insider transaction filing
• Negative Sentiment: The latest sale follows a series of scheduled Cheng transactions, including another 27,500-share sale on July 21 for about $6.11 million and additional sales in June and July. Repeated insider selling is weighing on sentiment after CRDO’s substantial prior rally, even though the sales appear routine.
• Negative Sentiment: Technical pressure is also evident: the stock remains below its 50-day moving average, while its elevated valuation and high beta leave it vulnerable to profit-taking across AI and semiconductor shares.

Credo Technology Group Stock Up 13.3%

Shares of NASDAQ:CRDO opened at $201.08 on Friday. The firm has a 50-day simple moving average of $236.83 and a 200 day simple moving average of $171.59. The company has a market cap of $37.50 billion, a PE ratio of 81.08, a P/E/G ratio of 0.81 and a beta of 3.20. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $431.80 million. During the same period in the previous year, the business posted $0.20 EPS. Credo Technology Group’s revenue was up 157.0% on a year-over-year basis. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 7,580 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer directly owned 504,708 shares in the company, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $205.54, for a total value of $5,652,350.00. Following the sale, the chief technology officer directly owned 5,799,870 shares of the company’s stock, valued at approximately $1,192,105,279.80. This represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 302,162 shares of company stock worth $72,810,546 over the last quarter. Insiders own 11.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Evercore assumed coverage on 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. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. TD Cowen upped their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Finally, Bank of America lifted their target price on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and an average target price of $266.17.

Credo Technology Group Profile

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.