Saudi Central Bank boosted its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) by 93.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,620 shares of the company’s stock after buying an additional 5,619 shares during the period. Saudi Central Bank’s holdings in Credo Technology Group were worth $3,160,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRDO. Reflection Asset Management acquired a new stake in Credo Technology Group during the fourth quarter worth about $25,000. Acumen Wealth Advisors LLC acquired a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $25,000. Orion Capital Management LLC acquired a new stake in Credo Technology Group during the 2nd quarter worth $27,000. AlphaCentric Advisors LLC purchased a new position in Credo Technology Group in the 1st quarter worth approximately $33,000. Finally, Van ECK Associates Corp purchased a new position in Credo Technology Group during the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 80.46% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on CRDO. Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Barclays lifted their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Mizuho upped their price objective 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. TD Cowen upped their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Finally, Stifel Nicolaus upped their price target on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $267.39.
Insider Buying and Selling at Credo Technology Group
In related news, COO Yat Lam sold 55,441 shares of Credo Technology Group 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 transaction, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at approximately $538,763,580.38. This trade represents a 2.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $259.53, for a total transaction of $7,137,075.00. Following the completion of the sale, the chief technology officer directly owned 5,992,370 shares of the company’s stock, valued at $1,555,199,786.10. This trade represents a 0.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 376,784 shares of company stock valued at $88,299,791. Corporate insiders own 9.06% of the company’s stock.
Credo Technology Group Stock Performance
CRDO opened at $170.57 on Tuesday. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The firm has a 50 day moving average price of $228.81 and a 200 day moving average price of $189.80. The company has a market cap of $32.06 billion, a PE ratio of 60.70, a price-to-earnings-growth ratio of 0.68 and a beta of 3.22.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The firm had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.Credo Technology Group’s quarterly revenue was up 114.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.52 EPS. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current 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.
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