Sierra Summit Advisors LLC lifted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) by 160.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 8,103 shares of the company’s stock after acquiring an additional 4,990 shares during the quarter. Sierra Summit Advisors LLC’s holdings in Credo Technology Group were worth $761,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRDO. Corient Private Wealth LLC lifted its holdings in Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. Amundi increased its stake in shares of Credo Technology Group by 28,478.2% in the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after purchasing an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Credo Technology Group by 841.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after purchasing an additional 1,422,391 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after purchasing an additional 1,406,752 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.
Credo Technology Group Price Performance
Credo Technology Group stock opened at $241.91 on Friday. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The firm’s 50 day moving average price is $220.92 and its 200-day moving average price is $160.44. The stock has a market cap of $45.11 billion, a P/E ratio of 97.54, a PEG ratio of 1.11 and a beta of 3.20.
Insiders Place Their Bets
In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $269.84, for a total transaction of $7,420,600.00. Following the completion of the transaction, the chief technology officer owned 5,909,870 shares of the company’s stock, valued at $1,594,719,320.80. This represents a 0.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sylvia Acevedo sold 2,208 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $211.00, for a total value of $465,888.00. Following the transaction, the director owned 16,337 shares of the company’s stock, valued at approximately $3,447,107. The trade was a 11.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 405,095 shares of company stock worth $81,206,774. 11.84% of the stock is owned by corporate insiders.
Key Credo Technology Group News
Here are the key news stories impacting Credo Technology Group this week:
- Positive Sentiment: Credo’s DustPhotonics deal is seen as deepening its AI data center connectivity strategy and adding another growth catalyst. How Credo Technology Group Holding Ltd’s (CRDO) DustPhotonics Deal Deepens Its AI Data Center Connectivity Roadmap
- Positive Sentiment: Credo was added to larger Russell benchmarks, including the Russell 1000 and Russell Midcap, which can increase index-driven buying and reflects its growth in market stature. How Credo’s Shift Into Larger Russell Indices and AI Connectivity Focus Will Impact CRDO Investors
- Positive Sentiment: Active Electrical Cables are driving adoption and supporting Credo’s long-term AI connectivity growth outlook as reliability improves and customer usage expands. How are Active Electrical Cables Driving Credo’s Growth?
- Positive Sentiment: Analyst estimate revisions remain strongly favorable, with multiple upward EPS and revenue revisions over the past three months, suggesting continued confidence in growth. How Credo Technology Group Holding Ltd’s (CRDO) DustPhotonics Deal Deepens Its AI Data Center Connectivity Roadmap
- Neutral Sentiment: Credo continues to be highlighted by momentum-stock screens and “profitable stocks” lists, reinforcing market interest but not changing the core business outlook. Micron & 2 Profitable Stocks to Buy in July for Explosive Upside
- Neutral Sentiment: Despite the bullish setup, one market commentary notes the stock has already run sharply this year and suggests limited near-term upside after the rally. Price Prediction: Up 90% YTD, Will Credo’s Rally Continue?
- Negative Sentiment: CTO Chi Fung Cheng sold 27,500 shares in a pre-arranged 10b5-1 plan, which can weigh on sentiment even though it was a routine transaction. Chi Fung Cheng Sells 27,500 Shares of Credo Technology Group (NASDAQ:CRDO) Stock
Wall Street Analyst Weigh In
A number of research firms recently weighed in on CRDO. Susquehanna lifted their target price on shares of Credo Technology Group from $200.00 to $235.00 and gave the company a “positive” rating in a research note on Tuesday, June 2nd. Rosenblatt Securities increased their price target on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Bank of America raised their price target on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Mizuho boosted their price objective on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Finally, TD Cowen upped their price objective on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $263.11.
View Our Latest Report on CRDO
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.
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