Credo Technology Group Holding Ltd. $CRDO Holdings Boosted by Fred Alger Management LLC

Fred Alger Management LLC boosted its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 5.3% during the fourth quarter, HoldingsChannel.com reports. The fund owned 150,763 shares of the company’s stock after acquiring an additional 7,611 shares during the period. Fred Alger Management LLC’s holdings in Credo Technology Group were worth $21,693,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Credo Technology Group by 9.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after purchasing an additional 23,332 shares during the period. FengHe Fund Management Pte. Ltd. increased its stake in shares of Credo Technology Group by 5.7% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after purchasing an additional 8,769 shares during the period. M&T Bank Corp increased its stake in shares of Credo Technology Group by 428.8% in the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock valued at $1,932,000 after purchasing an additional 10,888 shares during the period. TD Asset Management Inc acquired a new stake in shares of Credo Technology Group in the third quarter valued at approximately $17,454,000. Finally, Second Line Capital LLC acquired a new stake in shares of Credo Technology Group in the third quarter valued at approximately $4,283,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $239.18 on Wednesday. Credo Technology Group Holding Ltd. has a 12 month low of $77.79 and a 12 month high of $270.21. The firm has a market capitalization of $44.12 billion, a PE ratio of 96.44, a P/E/G ratio of 1.36 and a beta of 3.22. The company’s 50 day simple moving average is $190.37 and its 200 day simple moving average is $152.06.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 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 36.99%. The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same quarter last year, the business earned $0.20 earnings per share. The business’s revenue for the quarter was up 157.0% on a year-over-year basis. Sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on CRDO. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. The Goldman Sachs Group restated a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. Craig Hallum reiterated a “buy” rating and set a $200.00 price objective on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Finally, Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $248.41.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of Credo Technology Group 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 transaction, the chief financial officer owned 501,873 shares in the company, valued at approximately $125,207,276.04. The trade was a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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. Also, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the transaction, the chief executive officer owned 367,327 shares in the company, valued at approximately $80,286,662.39. This trade represents a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 389,384 shares of company stock worth $66,025,968 over the last quarter. 11.84% of the stock is currently owned by company insiders.

Credo Technology Group News Summary

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

• Positive Sentiment: Recent coverage remains upbeat on Credo’s growth story, pointing to strong AI connectivity demand, expanding optical product opportunities, and improving margins as reasons the stock has been bid higher. Credo Technology Stock Outlook Hinges on AI and Optical Scale
• Positive Sentiment: Analyst commentary also stayed constructive, including Mizuho reiterating an Outperform rating with a $290 target, reinforcing expectations that Credo can keep growing rapidly as AI networking spending expands. Mizuho Reiterates Outperform on Credo Technology Group Holding Ltd (CRDO)
• Positive Sentiment: Several articles framed Credo as a standout momentum stock and asked whether it can reach $300 by year-end, which adds to the bullish sentiment around the name. Can Credo Hit $300 By Year-End?
• Neutral Sentiment: CEO/CFO-related insider selling of 40,000 shares was disclosed, but it was done under a pre-arranged 10b5-1 plan and for tax withholding tied to equity vesting, making it less likely to be read as a negative signal on fundamentals. SEC Form 4 filing
• Negative Sentiment: After a huge rally, some commentary warned that CRDO’s valuation is getting stretched, so the stock could pull back if earnings growth, customer ramps, or margin expansion slow. Is CRDO Stock Still Worth Buying After Its Massive Run Higher?

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.