Ariose Capital Management Ltd Acquires New Shares in Credo Technology Group Holding Ltd. $CRDO

Ariose Capital Management Ltd bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 5,800 shares of the company’s stock, valued at approximately $1,130,000. Credo Technology Group accounts for about 1.3% of Ariose Capital Management Ltd’s portfolio, making the stock its 7th biggest holding.

Other institutional investors also recently modified their holdings of the company. Orion Capital Management LLC bought a new position in Credo Technology Group in the second quarter valued at about $27,000. Hoey Investments Inc. purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at approximately $31,000. AlphaCentric Advisors LLC purchased a new position in shares of Credo Technology Group during the first quarter worth $33,000. Burkett Financial Services LLC purchased a new position in Credo Technology Group during the third quarter worth about $33,000. Finally, Western Wealth Management LLC purchased a new stake in Credo Technology Group during the 1st quarter worth $38,000. 80.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. reduced their target price on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a report on Wednesday, September 2nd. Evercore set a $292.00 price target on shares of Credo Technology Group in a report on Wednesday, September 2nd. 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 report on Monday, October 5th. Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, October 6th. Finally, Mizuho cut their price target on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating on the stock in a research note on Monday, September 21st. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $262.67.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $120.51 on Friday. The company has a 50-day simple moving average of $178.67 and a 200 day simple moving average of $180.29. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The company has a market capitalization of $22.65 billion, a PE ratio of 47.30, a price-to-earnings-growth ratio of 0.56 and a beta of 3.29.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.03. The firm had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company’s revenue for the quarter was up 114.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 earnings per share. As a group, analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Credo Technology Group News Summary

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

• Positive Sentiment: A Seeking Alpha contributor upgraded Credo, arguing that the recent sell-off has gone far enough—potentially signaling that the lower share price has improved the risk-reward profile. Credo: The Sell-Off Has Done Its Job (Rating Upgrade)
• Positive Sentiment: Credo and Oracle secured Open Compute Project approval for two optical telemetry standards, supporting Credo’s role in developing connectivity and reliability for next-generation AI data centers. Credo and Oracle Drive AI Optical Innovation
• Neutral Sentiment: Coverage notes that Credo and other AI-hardware companies have delivered strong results, but cautions that supply bottlenecks and customer concentration could limit further gains. The AI Boom Is Creating a New Set of Winners
• Negative Sentiment: A broader tech-sector decline drove a steep drop in CRDO, as investors reassessed AI-related stocks. Separate coverage tied the sell-off to fears that political changes could pose a downside risk to AI spending; that concern, however, has not appeared in Credo’s guidance or analyst estimates. Tech selloff sends Credo Technology down Credo Sinks as Political Fears Weigh on AI Stocks

Insiders Place Their Bets

In related news, CEO William Brennan sold 16,672 shares of the 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 completion of the sale, the chief executive officer directly owned 1,600,830 shares in the company, valued at $243,134,060.40. This represents a 1.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on 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 completion of the transaction, the chief technology officer owned 5,662,397 shares in the company, valued at approximately $1,098,108,650.21. The trade was a 0.48% 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. Insiders have sold a total of 352,538 shares of company stock valued at $67,200,077 in the last quarter. Insiders own 9.06% of the company’s stock.

Credo Technology Group Profile

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments.

The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.

Credo is headquartered in San Jose, California, and serves customers in the global data infrastructure market.