Rakuten Securities Inc. Increases Position in Credo Technology Group Holding Ltd. $CRDO

Rakuten Securities Inc. grew its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 26.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,448 shares of the company’s stock after purchasing an additional 4,032 shares during the period. Credo Technology Group makes up about 0.9% of Rakuten Securities Inc.’s holdings, making the stock its 26th largest holding. Rakuten Securities Inc.’s holdings in Credo Technology Group were worth $2,798,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new stake in shares of Credo Technology Group in the 3rd quarter valued at $25,000. Crewe Advisors LLC boosted 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 valued at $25,000 after acquiring an additional 106 shares during the period. First Horizon Corp purchased a new position in Credo Technology Group during the 3rd quarter valued at about $26,000. Flagship Harbor Advisors LLC acquired a new position in Credo Technology Group in the 4th quarter valued at about $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new position in Credo Technology Group in the 4th quarter valued at about $36,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the sale, the chief executive officer owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.37, for a total value of $3,502,675.00. Following the sale, the chief technology officer owned 6,299,870 shares of the company’s stock, valued at approximately $802,414,441.90. The trade was a 0.43% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 401,499 shares of company stock worth $47,775,895. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Down 2.1%

Shares of CRDO opened at $185.54 on Friday. The firm has a market capitalization of $34.22 billion, a price-to-earnings ratio of 103.08 and a beta of 2.72. The firm’s fifty day simple moving average is $120.68 and its 200-day simple moving average is $138.33. Credo Technology Group Holding Ltd. has a twelve month low of $40.17 and a twelve month high of $213.80.

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

Wall Street Analysts Forecast Growth

CRDO has been the topic of several research reports. Needham & Company LLC reissued a “buy” rating and set a $220.00 price target on shares of Credo Technology Group in a research report on Wednesday, April 15th. Stifel Nicolaus set a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. Jefferies Financial Group started coverage on shares of Credo Technology Group in a research note on Monday, April 13th. They set a “buy” rating and a $175.00 target price on the stock. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $150.00 to $170.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Finally, Roth Mkm decreased their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and an average price target of $207.81.

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.