Lazard Asset Management LLC Grows Stock Position in Credo Technology Group Holding Ltd. $CRDO

Lazard Asset Management LLC lifted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 55.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,051 shares of the company’s stock after acquiring an additional 23,949 shares during the period. Lazard Asset Management LLC’s holdings in Credo Technology Group were worth $6,294,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in Credo Technology Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after purchasing an additional 59,849 shares during the last quarter. State Street Corp boosted its stake in Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after purchasing an additional 849,654 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after buying an additional 184,676 shares in the last quarter. Corient Private Wealth LLC grew its holdings in shares of 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 worth $517,835,000 after buying an additional 3,597,318 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the sale, the chief technology officer owned 5,882,370 shares of the company’s stock, valued at approximately $1,429,768,852.20. The trade was a 0.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the completion of the transaction, the chief financial officer owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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. Insiders have sold 302,162 shares of company stock worth $72,810,546 in the last ninety days. 11.84% of the stock is owned by insiders.

Credo Technology Group Stock Up 13.3%

NASDAQ CRDO opened at $201.08 on Friday. The business’s fifty day simple moving average is $236.83 and its 200-day simple moving average is $171.59. The firm has a market cap of $37.50 billion, a PE ratio of 81.08, a P/E/G ratio of 0.81 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the prior year, the firm posted $0.20 earnings per share. Credo Technology Group’s quarterly revenue was up 157.0% on a year-over-year basis. Research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CRDO shares. JPMorgan Chase & Co. raised their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 2nd. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Jefferies Financial Group increased their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Finally, Rothschild & Co Redburn initiated coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 target price on the stock. Two 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 data from MarketBeat, the company has an average rating of “Buy” and an average target price of $266.17.

More Credo Technology Group News

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Zacks named CRDO a Rank #1 (Strong Buy) growth stock on July 30, reinforcing favorable analyst sentiment and potentially attracting growth-oriented investors. Best Growth Stocks to Buy for July 30th
• Positive Sentiment: Credo’s latest quarterly results remain a fundamental tailwind: revenue rose 157% year over year to $437 million, while earnings of $1.16 per share exceeded the $1.02 consensus estimate. Analysts currently maintain a consensus “Buy” rating with an average price target of $266.17.
• Positive Sentiment: A Seeking Alpha analysis said the recent CRDO sell-off may be overdone, citing the company’s exposure to artificial-intelligence infrastructure and long-term data-center connectivity growth. Credo Stock Sell-Off Looks Overblown
• Neutral Sentiment: CTO Chi Fung Cheng sold 27,500 shares for approximately $5.65 million at an average price of $205.54. The transaction was executed under a pre-arranged Rule 10b5-1 plan and reduced his holdings by only 0.47%; he still owns roughly 5.8 million shares. SEC insider transaction filing
• Negative Sentiment: The latest sale follows a series of scheduled Cheng transactions, including another 27,500-share sale on July 21 for about $6.11 million and additional sales in June and July. Repeated insider selling is weighing on sentiment after CRDO’s substantial prior rally, even though the sales appear routine.
• Negative Sentiment: Technical pressure is also evident: the stock remains below its 50-day moving average, while its elevated valuation and high beta leave it vulnerable to profit-taking across AI and semiconductor shares.

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.