Gaddis Premier Wealth Advisors LLC Takes Position in Credo Technology Group Holding Ltd. $CRDO

Gaddis Premier Wealth Advisors LLC acquired a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 6,699 shares of the company’s stock, valued at approximately $964,000. Credo Technology Group comprises about 0.7% of Gaddis Premier Wealth Advisors LLC’s holdings, making the stock its 25th largest position.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CRDO. Atlantic Union Bankshares Corp purchased a new stake in shares of Credo Technology Group during the 3rd quarter worth $25,000. Crewe Advisors LLC raised its stake in 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 purchasing an additional 106 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in Credo Technology Group in the 4th quarter valued at about $32,000. Smallwood Wealth Investment Management LLC acquired a new position in Credo Technology Group in the 4th quarter valued at about $36,000. Finally, Smartleaf Asset Management LLC raised its stake in Credo Technology Group by 133.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after purchasing an additional 147 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares of the company’s stock, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 386,608 shares of company stock worth $50,371,351 over the last three months. Corporate insiders own 11.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CRDO. Jefferies Financial Group upped their price objective 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. Susquehanna increased their price objective on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research report on Tuesday, June 2nd. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Craig Hallum reiterated a “buy” rating and set a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $248.41.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $222.27 on Tuesday. Credo Technology Group Holding Ltd. has a 1-year low of $66.75 and a 1-year high of $245.95. The business’s fifty day moving average price is $172.17 and its two-hundred day moving average price is $147.79. The firm has a market capitalization of $41.00 billion, a PE ratio of 89.63, a P/E/G ratio of 1.34 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The firm’s revenue for the quarter was up 157.0% on a year-over-year basis. During the same period last year, the company earned $0.20 earnings per share. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 3.93 earnings per share 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.