KBC Group NV Increases Stake in Credo Technology Group Holding Ltd. $CRDO

KBC Group NV lifted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 30.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 23,051 shares of the company’s stock after buying an additional 5,377 shares during the period. KBC Group NV’s holdings in Credo Technology Group were worth $2,164,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in CRDO. Crewe Advisors LLC grew its holdings in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares in the last quarter. Reflection Asset Management purchased a new position in Credo Technology Group during the 4th quarter valued at about $25,000. Acumen Wealth Advisors LLC purchased a new position in Credo Technology Group during the 4th quarter valued at about $25,000. Flagship Harbor Advisors LLC bought a new stake in shares of Credo Technology Group in the 4th quarter valued at about $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in shares of Credo Technology Group in the 4th quarter valued at about $36,000. 80.46% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CTO Chi Fung Cheng sold 3,790 shares of the company’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $258.71, for a total transaction of $980,510.90. Following the transaction, the chief technology officer directly owned 140,358 shares of the company’s stock, valued at approximately $36,312,018.18. This represents a 2.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sylvia Acevedo sold 2,208 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $211.00, for a total value of $465,888.00. Following the sale, the director owned 16,337 shares of the company’s stock, valued at approximately $3,447,107. This represents a 11.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 302,162 shares of company stock valued at $70,897,646 in the last ninety days. 11.84% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CRDO. Barclays increased their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday. Rothschild & Co Redburn assumed 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 objective for the company. TD Cowen upped their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC increased their target price on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Finally, Rosenblatt Securities lifted their price target on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $266.17.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $213.15 on Friday. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The stock has a market capitalization of $39.75 billion, a P/E ratio of 85.95, a P/E/G ratio of 1.08 and a beta of 3.20. The company’s 50-day simple moving average is $235.28 and its 200-day simple moving average is $169.88.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.20 EPS. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

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.