Corsair Capital Management L.P. Takes $469,000 Position in Credo Technology Group Holding Ltd. $CRDO

Corsair Capital Management L.P. bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the first quarter, Holdings Channel reports. The firm bought 5,000 shares of the company’s stock, valued at approximately $469,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Delta Global Management LP raised its position in Credo Technology Group by 83.0% during the first quarter. Delta Global Management LP now owns 28,125 shares of the company’s stock valued at $2,640,000 after acquiring an additional 12,760 shares in the last quarter. OMERS ADMINISTRATION Corp boosted its position in Credo Technology Group by 83.6% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 18,361 shares of the company’s stock worth $1,724,000 after purchasing an additional 8,363 shares in the last quarter. Lombard Odier Asset Management Switzerland SA purchased a new stake in Credo Technology Group in the 1st quarter worth approximately $451,000. Entropy Technologies LP grew its stake in shares of Credo Technology Group by 71.7% during the 1st quarter. Entropy Technologies LP now owns 91,409 shares of the company’s stock worth $8,581,000 after purchasing an additional 38,169 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of Credo Technology Group during the 1st quarter worth approximately $34,013,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $213.15 on Monday. The stock has a market capitalization of $39.75 billion, a PE ratio of 85.95, a price-to-earnings-growth ratio of 0.97 and a beta of 3.20. The business has a 50 day simple moving average of $235.28 and a 200-day simple moving average of $170.09. 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 announced 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 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 analyst estimates of $431.80 million. During the same quarter last year, the firm posted $0.20 EPS. The business’s revenue was up 157.0% on a year-over-year basis. On average, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other Credo Technology Group 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 transaction, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible 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, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the transaction, the chief technology officer directly owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. The trade was a 0.47% 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. Over the last ninety days, insiders sold 274,662 shares of company stock worth $65,966,071. Company insiders own 11.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Needham & Company LLC lifted their target price 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. Rothschild & Co Redburn started coverage on shares of Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price target on the stock. Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Bank of America lifted their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Finally, Mizuho upped their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. 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 stock. According to data from MarketBeat, the stock presently has an average 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.