Pittenger & Anderson Inc. Takes $555,000 Position in Credo Technology Group Holding Ltd. $CRDO

Pittenger & Anderson Inc. purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the fourth quarter, Holdings Channel.com reports. The fund purchased 3,854 shares of the company’s stock, valued at approximately $555,000.

Other institutional investors have also added to or reduced their stakes in the company. Crewe Advisors LLC lifted its holdings in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after purchasing an additional 106 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in Credo Technology Group during the 3rd quarter worth about $25,000. First Horizon Corp purchased a new stake in Credo Technology Group during the 3rd quarter worth about $26,000. Flagship Harbor Advisors LLC purchased a new stake in Credo Technology Group during the 4th quarter worth about $32,000. Finally, Smallwood Wealth Investment Management LLC purchased a new stake in Credo Technology Group during the 4th quarter worth about $36,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 7,580 shares of the firm’s stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $152.63, for a total value of $1,156,935.40. Following the sale, the chief financial officer owned 433,678 shares of the company’s stock, valued at $66,192,273.14. This trade represents a 1.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Tung Lam sold 3,180 shares of the firm’s stock in a transaction dated Sunday, April 5th. The shares were sold at an average price of $101.45, for a total value of $322,611.00. Following the completion of the sale, the chief operating officer directly owned 2,610,329 shares in the company, valued at approximately $264,817,877.05. The trade was a 0.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 359,108 shares of company stock worth $45,449,126. 11.84% of the stock is owned by insiders.

Analyst Ratings Changes

CRDO has been the topic of a number of recent research reports. Mizuho dropped their price objective on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, March 3rd. Susquehanna dropped their price objective on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a report on Tuesday, March 3rd. Rothschild & Co Redburn initiated coverage on Credo Technology Group in a report on Friday. They set a “buy” rating and a $206.00 price objective on the stock. Jefferies Financial Group initiated coverage on Credo Technology Group in a report on Monday, April 13th. They set a “buy” rating and a $175.00 price objective on the stock. Finally, Stifel Nicolaus set a $200.00 price objective on Credo Technology Group in a report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $207.71.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $184.38 on Monday. The business’s 50-day moving average price is $125.98 and its two-hundred day moving average price is $139.49. Credo Technology Group Holding Ltd. has a twelve month low of $45.65 and a twelve month high of $213.80. The stock has a market cap of $34.01 billion, a P/E ratio of 102.43 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. During the same quarter last year, the firm posted $0.25 EPS. The company’s revenue was up 201.5% compared to the same quarter last year. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

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.