State of Wyoming Has $527,000 Stake in Credo Technology Group Holding Ltd. $CRDO

State of Wyoming increased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 105.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,617 shares of the company’s stock after buying an additional 2,888 shares during the period. State of Wyoming’s holdings in Credo Technology Group were worth $527,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Crewe Advisors LLC increased its stake in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares during the last quarter. Acumen Wealth Advisors LLC bought a new stake in Credo Technology Group during the fourth quarter worth about $25,000. Reflection Asset Management bought a new stake in Credo Technology Group during the fourth quarter worth $25,000. Flagship Harbor Advisors LLC acquired a new stake in Credo Technology Group in the fourth quarter valued at $32,000. Finally, AlphaCentric Advisors LLC bought a new position in shares of Credo Technology Group in the 1st quarter valued at about $33,000. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRDO. Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. Jefferies Financial Group raised their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Rothschild & Co Redburn initiated coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price target for the company. TD Cowen boosted their price target on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $250.00 price target on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $266.17.

Credo Technology Group Price Performance

CRDO stock opened at $213.15 on Friday. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67. The stock has a market cap of $39.75 billion, a price-to-earnings ratio of 85.95, a price-to-earnings-growth ratio of 1.08 and a beta of 3.20. The company has a fifty day moving average price of $235.28 and a two-hundred day moving average price of $169.88.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s revenue was up 157.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.20 earnings per share. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value 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 represents a 7.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This trade represents a 13.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 302,162 shares of company stock valued at $70,897,646 in the last three months. 11.84% of the stock is currently owned by company insiders.

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.