Pictet Asset Management Holding SA lifted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) by 353.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 454,700 shares of the company’s stock after purchasing an additional 354,521 shares during the period. Pictet Asset Management Holding SA’s holdings in Credo Technology Group were worth $42,683,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Kestra Private Wealth Services LLC grew its position in shares of Credo Technology Group by 38.8% during the first quarter. Kestra Private Wealth Services LLC now owns 22,745 shares of the company’s stock worth $2,135,000 after buying an additional 6,355 shares in the last quarter. Blue Trust Inc. grew its stake in shares of Credo Technology Group by 6.7% during the first quarter. Blue Trust Inc. now owns 5,044 shares of the company’s stock worth $473,000 after purchasing an additional 315 shares in the last quarter. Banque Cantonale Vaudoise increased its holdings in Credo Technology Group by 27.8% in the first quarter. Banque Cantonale Vaudoise now owns 26,136 shares of the company’s stock valued at $2,452,000 after buying an additional 5,680 shares during the last quarter. Wealth Management Partners LLC raised its stake in Credo Technology Group by 4.7% in the first quarter. Wealth Management Partners LLC now owns 3,097 shares of the company’s stock valued at $291,000 after buying an additional 138 shares in the last quarter. Finally, Robbins Farley boosted its position in shares of Credo Technology Group by 105.9% during the 1st quarter. Robbins Farley now owns 12,677 shares of the company’s stock worth $1,190,000 after acquiring an additional 6,521 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.
Credo Technology Group Stock Up 11.0%
CRDO opened at $272.75 on Wednesday. Credo Technology Group Holding Ltd. has a 52 week low of $84.25 and a 52 week high of $308.67. The business’s 50 day moving average is $217.01 and its two-hundred day moving average is $158.44. The firm has a market cap of $50.86 billion, a price-to-earnings ratio of 109.98, a price-to-earnings-growth ratio of 1.12 and a beta of 3.22.
Analysts Set New Price Targets
Several brokerages have recently weighed in on CRDO. Mizuho raised their target price 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. Roth Mkm upped their price target on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Susquehanna raised their price objective on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a report on Tuesday, June 2nd. Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Finally, Rosenblatt Securities upped their target price on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $263.11.
Get Our Latest Stock Report on Credo Technology Group
Insider Transactions at Credo Technology Group
In other Credo Technology Group news, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $218.57, for a total value of $12,017,852.88. Following the transaction, the chief executive officer directly owned 367,327 shares in the company, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Fariba Danesh sold 1,100 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total transaction of $259,974.00. Following the completion of the sale, the director directly owned 7,017 shares of the company’s stock, valued at $1,658,397.78. The trade was a 13.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 389,384 shares of company stock worth $74,982,168 over the last 90 days. Company insiders own 11.84% of the company’s stock.
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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