3,603 Shares in Credo Technology Group Holding Ltd. $CRDO Bought by Polaris Financial Partners

Polaris Financial Partners purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the third quarter, HoldingsChannel reports. The institutional investor purchased 3,603 shares of the company’s stock, valued at approximately $681,000.

Other institutional investors have also recently made changes to their positions in the company. City Center Advisors LLC lifted its holdings in shares of Credo Technology Group by 2.1% during the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after acquiring an additional 53 shares during the last quarter. Versant Capital Management Inc raised its position in Credo Technology Group by 8.0% during the second quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock valued at $205,000 after purchasing an additional 56 shares in the last quarter. QRG Capital Management Inc. lifted its stake in Credo Technology Group by 1.7% during the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after purchasing an additional 91 shares during the last quarter. Bank of Nova Scotia boosted its holdings in shares of Credo Technology Group by 1.6% in the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock worth $566,000 after purchasing an additional 92 shares in the last quarter. Finally, Orion Capital Management LLC bought a new position in shares of Credo Technology Group during the 2nd quarter valued at about $27,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Up 4.0%

CRDO stock traded up $8.47 during midday trading on Friday, hitting $218.64. The company had a trading volume of 10,649,608 shares, compared to its average volume of 7,535,151. The stock has a market cap of $41.09 billion, a price-to-earnings ratio of 77.81, a PEG ratio of 0.78 and a beta of 3.25. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The stock’s 50 day moving average price is $207.10 and its 200 day moving average price is $197.87.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. During the same period in the previous year, the firm earned $0.52 earnings per share. The firm’s revenue for the quarter was up 114.7% on a year-over-year basis. Analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Cheng sold 27,500 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the completion of the sale, the chief technology officer directly owned 5,799,870 shares in the company, valued at approximately $1,192,105,279.80. This represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 55,441 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total value of $11,810,041.82. Following the completion of the sale, the chief operating officer directly owned 2,529,169 shares in the company, valued at $538,763,580.38. The trade was a 2.15% 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. Insiders sold 434,746 shares of company stock worth $89,424,859 in the last 90 days. Corporate insiders own 9.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CRDO. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Susquehanna lifted their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Evercore set a $292.00 price objective on shares of Credo Technology Group in a research note on Wednesday, September 2nd. Mizuho reduced their target price on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a report on Monday, September 21st. Finally, JPMorgan Chase & Co. decreased their target price on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average target price of $264.89.

Key Credo Technology Group News

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Investors are increasingly focused on the next phase of AI spending: the networking, cabling and optical-connectivity components required to link large data-center clusters. Credo’s revenue recently rose 114.7% year over year to $479 million, while earnings exceeded analyst expectations. AI Spending Is Entering Its Next Phase
• Positive Sentiment: The weaker employment backdrop is helping growth-oriented technology shares, including Credo, because potentially lower interest rates can increase the value investors assign to future earnings. Why Credo Technology Stock Is Surging on an Unemployment Jump
• Positive Sentiment: Sell-side sentiment remains favorable, with Credo carrying a “Moderate Buy” consensus rating and an average price target of $264.89. Recent coverage also points to strong momentum after the latest earnings report. Credo Stock Rated Moderate Buy
• Neutral Sentiment: COO Yat Lam sold 50,000 shares for about $10.3 million, while CTO Chi Cheng sold 27,500 shares for approximately $5.3 million. Both transactions were made under pre-arranged Rule 10b5-1 plans; Lam’s sale covered tax withholding tied to equity vesting, and the executives retain substantial holdings. Credo Insider Sale Filing
• Negative Sentiment: Credo’s valuation remains demanding, with a P/E ratio near 78 and substantial volatility. Additional insider selling, including a recent CEO disposition, could weigh on sentiment if investors become concerned that expectations for AI-driven growth are already reflected in the stock. Credo CEO Sells Company Shares

About Credo Technology Group

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for data infrastructure. Its technologies are designed to improve the performance, power efficiency and reliability of connections used in cloud computing, artificial intelligence, high-performance computing, telecommunications and enterprise networks.

The company’s product portfolio includes serializer/deserializer (SerDes) intellectual property, integrated circuits, active electrical cables and optical connectivity products.