Truist Financial Corp Grows Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Truist Financial Corp raised its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 420.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,452 shares of the company’s stock after acquiring an additional 14,907 shares during the period. Truist Financial Corp’s holdings in Credo Technology Group were worth $2,687,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in shares of Credo Technology Group by 36.5% in the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after purchasing an additional 1,739,844 shares during the period. Alliancebernstein L.P. grew its position in Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares during the last quarter. 1832 Asset Management L.P. purchased a new position in Credo Technology Group in the 2nd quarter valued at $82,479,000. Invesco Ltd. increased its stake in Credo Technology Group by 160.7% in the 2nd quarter. Invesco Ltd. now owns 1,118,119 shares of the company’s stock valued at $103,527,000 after buying an additional 689,202 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after buying an additional 589,151 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Rosenblatt Securities assumed coverage on shares of Credo Technology Group in a report on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 target price on the stock. Needham & Company LLC lifted their price objective on Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. TD Cowen reissued a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Susquehanna raised their price target on Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. Finally, Roth Mkm upped their price objective on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $216.54.

Credo Technology Group Trading Up 13.6%

CRDO stock opened at $111.40 on Friday. The company has a market cap of $20.12 billion, a price-to-earnings ratio of 97.72 and a beta of 2.65. The firm has a 50 day moving average of $145.04 and a 200-day moving average of $141.88. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.Credo Technology Group’s quarterly revenue was up 272.1% on a year-over-year basis. During the same period last year, the business posted $0.07 EPS. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Thursday, January 29th. The shares were sold at an average price of $127.37, for a total value of $3,502,675.00. Following the sale, the chief technology officer owned 6,299,870 shares of the company’s stock, valued at $802,414,441.90. This represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $128.67, for a total transaction of $241,256.25. Following the transaction, the director directly owned 5,892,034 shares of the company’s stock, valued at approximately $758,128,014.78. This trade represents a 0.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 917,976 shares of company stock worth $136,567,647. 11.84% of the stock is owned by company 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.