SlateStone Wealth LLC Invests $1.06 Million in Credo Technology Group Holding Ltd. $CRDO

SlateStone Wealth LLC purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the fourth quarter, Holdings Channel reports. The institutional investor purchased 7,351 shares of the company’s stock, valued at approximately $1,058,000.

Other large investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Credo Technology Group by 9.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after buying an additional 23,332 shares during the period. M&T Bank Corp lifted its holdings in shares of Credo Technology Group by 428.8% during the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock valued at $1,932,000 after buying an additional 10,888 shares during the period. FengHe Fund Management Pte. Ltd. lifted its holdings in shares of Credo Technology Group by 5.7% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after buying an additional 8,769 shares during the period. TD Asset Management Inc purchased a new stake in Credo Technology Group during the third quarter valued at approximately $17,454,000. Finally, Second Line Capital LLC bought a new position in Credo Technology Group in the third quarter worth approximately $4,283,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $206.89 on Friday. Credo Technology Group Holding Ltd. has a one year low of $66.75 and a one year high of $245.95. The stock’s fifty day moving average is $169.65 and its 200 day moving average is $147.19. The stock has a market cap of $38.16 billion, a P/E ratio of 83.42, a P/E/G ratio of 1.41 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The company had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. During the same period last year, the firm earned $0.20 EPS. Credo Technology Group’s revenue for the quarter was up 157.0% compared to the same quarter last year. Analysts predict that Credo Technology Group Holding Ltd. will post 3.93 EPS for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 6,149 shares of the stock in a transaction on Sunday, April 5th. The stock was sold at an average price of $101.45, for a total value of $623,816.05. Following the completion of the sale, the chief executive officer owned 222,311 shares in the company, valued at approximately $22,553,450.95. This represents a 2.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $178.99, for a total value of $4,922,225.00. Following the completion of the sale, the chief technology officer owned 6,024,870 shares of the company’s stock, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CRDO shares. The Goldman Sachs Group reiterated a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a research report on Tuesday. Craig Hallum reiterated a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Bank of America raised their target price on Credo Technology Group from $210.00 to $252.00 and gave the stock a “buy” rating in a report on Tuesday. Mizuho raised their target price on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $248.41.

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.