Credo Technology Group Holding Ltd. $CRDO Stock: Sumitomo Mitsui Trust Group Inc. Raises Stake

Sumitomo Mitsui Trust Group Inc. grew its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 7.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 383,367 shares of the company’s stock after purchasing an additional 27,241 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Credo Technology Group were worth $74,676,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Bank of America Corp DE boosted its position in shares of Credo Technology Group by 13.7% during the second quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock valued at $593,603,000 after buying an additional 262,479 shares during the last quarter. Atreides Management LP raised its holdings in Credo Technology Group by 3.5% in the 2nd quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock worth $307,109,000 after purchasing an additional 38,052 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Credo Technology Group by 192.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock worth $98,290,000 after purchasing an additional 688,596 shares during the period. Value Aligned Research Advisors LLC purchased a new stake in Credo Technology Group in the 2nd quarter worth approximately $91,919,000. Finally, Zevenbergen Capital Investments LLC raised its position in shares of Credo Technology Group by 4.9% during the third quarter. Zevenbergen Capital Investments LLC now owns 418,991 shares of the company’s stock valued at $81,615,000 after buying an additional 19,685 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

CRDO stock opened at $150.91 on Wednesday. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The stock has a market capitalization of $28.36 billion, a price-to-earnings ratio of 53.70, a price-to-earnings-growth ratio of 0.56 and a beta of 3.29. The company has a 50-day moving average of $185.15 and a two-hundred day moving average of $180.71.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The business had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. During the same period in the previous year, the business earned $0.52 EPS. The firm’s revenue was up 114.7% on a year-over-year basis. Equities analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on CRDO. Rosenblatt Securities restated a “neutral” rating and set a $235.00 price objective on shares of Credo Technology Group in a research report on Thursday, October 15th. JPMorgan Chase & Co. decreased their target price on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research note on Wednesday, September 2nd. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Stifel Nicolaus lowered their price objective on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Finally, Susquehanna raised their target price on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $262.67.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Brennan sold 16,672 shares of the business’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $151.88, for a total value of $2,532,143.36. Following the transaction, the chief executive officer owned 1,600,830 shares of the company’s stock, valued at approximately $243,134,060.40. The trade was a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $193.93, for a total transaction of $5,333,075.00. Following the transaction, the chief technology officer owned 5,662,397 shares in the company, valued at approximately $1,098,108,650.21. This trade represents a 0.48% 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. In the last quarter, insiders sold 352,538 shares of company stock worth $67,200,077. 9.06% of the stock is currently owned by insiders.

About Credo Technology Group

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.