Credo Technology Group Holding Ltd. $CRDO Shares Acquired by Sei Investments Co.

Sei Investments Co. increased its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 93.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 135,450 shares of the company’s stock after buying an additional 65,394 shares during the quarter. Sei Investments Co.’s holdings in Credo Technology Group were worth $12,715,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Corient Private Wealth LLC lifted its stake in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Amundi grew its position in shares of Credo Technology Group by 28,478.2% during the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after acquiring an additional 1,554,338 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Credo Technology Group by 841.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock worth $228,979,000 after acquiring an additional 1,422,391 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the period. Finally, Alliancebernstein L.P. increased its holdings in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on CRDO. TD Cowen lifted their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Needham & Company LLC upped their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Susquehanna raised their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Mizuho lifted their price target on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus target price of $266.17.

Credo Technology Group Stock Up 2.9%

Shares of NASDAQ CRDO opened at $206.99 on Friday. The stock has a market cap of $38.60 billion, a P/E ratio of 83.46, a P/E/G ratio of 0.92 and a beta of 3.20. The firm’s 50-day simple moving average is $236.60 and its 200 day simple moving average is $171.84. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results 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. The firm had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. Credo Technology Group’s revenue was up 157.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.20 EPS. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $205.54, for a total value of $5,652,350.00. Following the completion of the transaction, the chief technology officer directly owned 5,799,870 shares in the company, valued at $1,192,105,279.80. This trade represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the sale, the chief financial officer directly owned 504,708 shares in the company, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their position. 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. Over the last ninety days, insiders sold 302,162 shares of company stock valued at $72,810,546. Company insiders own 11.84% of the company’s stock.

About Credo Technology Group

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.