Sumitomo Mitsui Trust Group Inc. Raises Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Sumitomo Mitsui Trust Group Inc. boosted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 5.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 326,592 shares of the company’s stock after purchasing an additional 16,237 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.18% of Credo Technology Group worth $30,657,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Credo Technology Group by 9.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock worth $39,004,000 after purchasing an additional 23,332 shares during the last quarter. M&T Bank Corp grew its position in Credo Technology Group by 428.8% during the 4th 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 last quarter. FengHe Fund Management Pte. Ltd. increased its stake in Credo Technology Group by 5.7% during the 4th 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 in the last quarter. Second Line Capital LLC bought a new stake in Credo Technology Group during the 3rd quarter valued at about $4,283,000. Finally, Nordea Investment Management AB purchased a new position in Credo Technology Group in the fourth quarter worth about $2,084,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CRDO. Susquehanna upped their target price on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research note on Tuesday, June 2nd. Rosenblatt Securities raised their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. boosted their price objective on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. Needham & Company LLC upped their price objective 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, Roth Capital increased their target price on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group has an average rating of “Buy” and a consensus price target of $263.11.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Sylvia Acevedo sold 2,208 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $211.00, for a total value of $465,888.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the sale, the chief financial officer owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their ownership of the stock. 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 367,162 shares of company stock worth $82,045,746 in the last three months. 11.84% of the stock is owned by insiders.

Credo Technology Group Trading Down 8.1%

Shares of CRDO stock opened at $236.88 on Tuesday. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The stock has a market capitalization of $44.17 billion, a P/E ratio of 95.52, a P/E/G ratio of 1.18 and a beta of 3.20. The firm’s 50 day moving average is $230.01 and its 200 day moving average is $165.29.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to analyst estimates 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 period in the previous year, the business earned $0.20 EPS. As a group, equities analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share 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.