Legacy Wealth Asset Management LLC Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

Legacy Wealth Asset Management LLC acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,751 shares of the company’s stock, valued at approximately $748,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CRDO. Reflection Asset Management acquired a new stake in Credo Technology Group during the 4th quarter worth approximately $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group in the 4th quarter valued at $25,000. Flagship Harbor Advisors LLC bought a new position in Credo Technology Group during the 4th quarter worth $32,000. AlphaCentric Advisors LLC bought a new position in Credo Technology Group during the 1st quarter worth $33,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $36,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Trading Down 4.0%

Shares of Credo Technology Group stock opened at $239.93 on Tuesday. The company has a market cap of $44.74 billion, a PE ratio of 96.75, a price-to-earnings-growth ratio of 1.14 and a beta of 3.23. The company has a 50 day moving average of $237.71 and a 200-day moving average of $175.32. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data 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 net margin of 35.37% and a return on equity of 32.30%. The business 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 posted $0.20 earnings per share. The firm’s quarterly revenue was up 157.0% compared to the same quarter last year. Research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Barclays boosted their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Roth Capital increased their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They issued a “buy” rating and a $206.00 price target for the company. Bank of America boosted their price target on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Finally, Mizuho increased their price target on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and a consensus target price of $266.17.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 55,441 shares of the business’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the transaction, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the sale, the chief financial officer owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This represents a 1.48% 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. In the last quarter, insiders have sold 435,076 shares of company stock valued at $101,043,506. 11.84% of the stock is currently owned by corporate 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.