Nissay Asset Management Corp Japan Raises Stock Position in Credo Technology Group Holding Ltd. $CRDO

Nissay Asset Management Corp Japan lifted its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 36.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 86,583 shares of the company’s stock after purchasing an additional 23,124 shares during the quarter. Nissay Asset Management Corp Japan’s holdings in Credo Technology Group were worth $23,546,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. NewEdge Advisors LLC boosted its position in Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after buying an additional 3,972 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after acquiring an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after purchasing an additional 7,107 shares during the period. CW Advisors LLC acquired a new position in Credo Technology Group during the 2nd quarter worth $288,000. Finally, EverSource Wealth Advisors LLC grew its stake in Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $232.75 on Friday. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The firm has a market capitalization of $43.74 billion, a P/E ratio of 93.85, a P/E/G ratio of 1.10 and a beta of 3.23. The company’s fifty day moving average price is $238.64 and its 200 day moving average price is $186.88.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the firm posted $0.20 earnings per share. Credo Technology Group’s revenue for the quarter was up 157.0% on a year-over-year basis. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have recently commented on CRDO. Rothschild & Co Redburn began coverage on Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 price objective for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Credo Technology Group in a research note on Friday, August 21st. Mizuho boosted their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Bank of America raised their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Finally, Roth Capital lifted their price objective on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $268.39.

Insider Transactions 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 stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the transaction, the chief financial officer owned 501,873 shares of the company’s stock, valued at $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 is available at 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, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00. Following the completion of the sale, the chief technology officer owned 5,882,370 shares of the company’s stock, valued at approximately $1,429,768,852.20. This represents a 0.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 435,076 shares of company stock worth $101,043,506. 11.84% of the stock is owned by corporate insiders.

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.