Zevenbergen Capital Investments LLC Purchases 107,147 Shares of Credo Technology Group Holding Ltd. $CRDO

Zevenbergen Capital Investments LLC raised its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 121.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 195,247 shares of the company’s stock after purchasing an additional 107,147 shares during the period. Zevenbergen Capital Investments LLC’s holdings in Credo Technology Group were worth $28,094,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in CRDO. NewEdge Advisors LLC boosted its position in shares of Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after acquiring an additional 3,972 shares during the period. Goldman Sachs Group Inc. increased its position in Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $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 increased its position in 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 acquiring an additional 7,107 shares during the period. Prudential Financial Inc. raised its stake in Credo Technology Group by 96.4% in the 2nd quarter. Prudential Financial Inc. now owns 20,932 shares of the company’s stock worth $1,938,000 after purchasing an additional 10,274 shares in the last quarter. Finally, J.W. Cole Advisors Inc. bought a new stake in Credo Technology Group in the 2nd quarter valued at about $209,000. Institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research report on Friday. The Goldman Sachs Group set a $165.00 price target on Credo Technology Group and gave the company a “buy” rating in a research note on Thursday, February 19th. Rosenblatt Securities reissued a “neutral” rating and set a $125.00 price target on shares of Credo Technology Group in a research report on Monday, March 23rd. Roth Mkm lowered their price objective on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Finally, Bank of America lifted their price objective on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Credo Technology Group presently has an average rating of “Buy” and a consensus price target of $206.33.

Credo Technology Group Trading Down 7.8%

Shares of Credo Technology Group stock opened at $87.81 on Tuesday. The company has a 50 day moving average of $116.56 and a 200-day moving average of $140.53. The company has a market cap of $16.20 billion, a PE ratio of 48.78 and a beta of 2.67. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.78 by $0.29. The business had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company’s revenue was up 201.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.25 earnings per share. Research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 30,000 shares of the company’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $136.33, for a total transaction of $4,089,900.00. Following the completion of the sale, the chief technology officer directly owned 6,327,370 shares in the company, valued at $862,610,352.10. This represents a 0.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $127.69, for a total value of $6,384,500.00. Following the completion of the sale, the chief executive officer directly owned 1,832,502 shares in the company, valued at $233,992,180.38. This trade represents a 2.66% 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 398,601 shares of company stock valued at $50,891,520 in the last three months. 11.84% of the stock is owned by 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.