Rakuten Securities Inc. Buys 10,437 Shares of Credo Technology Group Holding Ltd. $CRDO

Rakuten Securities Inc. lifted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 209.6% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 15,416 shares of the company’s stock after buying an additional 10,437 shares during the period. Credo Technology Group comprises approximately 0.8% of Rakuten Securities Inc.’s investment portfolio, making the stock its 29th biggest position. Rakuten Securities Inc.’s holdings in Credo Technology Group were worth $2,245,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after purchasing an additional 1,739,844 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. 1832 Asset Management L.P. acquired a new position in Credo Technology Group during the 2nd quarter worth about $82,479,000. Invesco Ltd. grew its position in shares of Credo Technology Group by 160.7% in the 2nd quarter. Invesco Ltd. now owns 1,118,119 shares of the company’s stock valued at $103,527,000 after buying an additional 689,202 shares during the last quarter. Finally, FengHe Fund Management Pte. Ltd. acquired a new stake in shares of Credo Technology Group in the second quarter valued at about $63,013,000. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CRDO shares. Bank of America lifted their price objective on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. TD Cowen upped their price objective on shares of Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Roth Capital increased their price objective on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. William Blair assumed coverage on shares of Credo Technology Group in a research report on Thursday, September 18th. They set an “outperform” rating on the stock. Finally, Mizuho lifted their price objective on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and an average target price of $217.08.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $156.84 on Thursday. The business has a 50-day simple moving average of $153.41 and a 200 day simple moving average of $138.22. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80. The firm has a market capitalization of $28.33 billion, a price-to-earnings ratio of 137.58 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company’s revenue for the quarter was up 272.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.07 earnings per share. On average, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 30,000 shares of the company’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $139.93, for a total value of $4,197,900.00. Following the sale, the chief technology officer owned 6,387,370 shares in the company, valued at $893,784,684.10. This represents a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider James Laufman sold 10,000 shares of Credo Technology Group stock in a transaction dated Wednesday, December 24th. The shares were sold at an average price of $150.00, for a total value of $1,500,000.00. Following the transaction, the insider owned 214,905 shares of the company’s stock, valued at $32,235,750. This trade represents a 4.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,088,276 shares of company stock worth $167,068,167. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Company 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.