Credo Technology Group Holding Ltd. $CRDO Stock Purchased by Ethic Inc.

Ethic Inc. lifted its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 115.8% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,905 shares of the company’s stock after buying an additional 9,070 shares during the period. Ethic Inc.’s holdings in Credo Technology Group were worth $3,293,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. California State Teachers Retirement System grew its position in Credo Technology Group by 2.2% during the first quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock valued at $22,612,000 after buying an additional 5,113 shares during the period. Corsair Capital Management L.P. bought a new stake in Credo Technology Group in the first quarter worth about $469,000. Lazard Asset Management LLC raised its position in Credo Technology Group by 55.6% in the first quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock worth $6,294,000 after acquiring an additional 23,949 shares during the period. Quantinno Capital Management LP raised its position in Credo Technology Group by 68.4% in the first quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock worth $3,203,000 after acquiring an additional 13,859 shares during the period. Finally, Estuary Capital Management LP boosted its stake in Credo Technology Group by 87.4% in the first quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock valued at $38,696,000 after acquiring an additional 192,218 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of research reports. Bank of America reduced their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a research report on Wednesday, September 2nd. Stifel Nicolaus decreased their price target 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. Mizuho lowered 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 report on Monday, September 21st. Wall Street Zen downgraded Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Finally, JPMorgan Chase & Co. reduced their price objective 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. 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $262.67.

Credo Technology Group News Roundup

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

• Positive Sentiment: Credo’s revenue more than doubled year over year in its latest reported quarter, and the company has maintained a long streak of earnings beats. Analysts have reportedly raised estimates, supporting the case that its AI-connectivity business could continue growing. Article: Wall Street May Be Underestimating This AI Chip Stock’s Next Growth Phase
• Positive Sentiment: Credo and Oracle helped advance two Open Compute Project optical telemetry standards intended to improve monitoring and reliability in AI data-center networks. The development reinforces the company’s position in AI infrastructure. Article: Credo Technology Group Helped Set New AI Network Standards
• Neutral Sentiment: CRDO previously rebounded amid a broad technology rally and dip-buying after a sharp selloff. Reports suggested the move reflected renewed interest in its AI-networking outlook and recent results, rather than a single new catalyst. Article: Credo Technology Advances Amid Broad Tech Rally
• Negative Sentiment: Despite rapid growth, Credo depends on a small number of large AI customers, leaving results exposed to changes in their spending. Articles also question whether its valuation still leaves room for gains amid concerns about the AI trade. Article: Is Credo Technology Stock a Buy Right Now?
• Negative Sentiment: Reported insider transactions show sales and no purchases over the past six months, which may add to investor caution. The stock has also fallen substantially from its peak, suggesting the market is reassessing its growth expectations and valuation.

Insider Buying and Selling

In related news, CTO Chi Cheng sold 27,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total value of $4,513,300.00. Following the completion of the transaction, the chief technology officer directly owned 5,552,397 shares of the company’s stock, valued at approximately $911,259,395.64. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Pantas Sutardja sold 1,540 shares of the firm’s stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $212.22, for a total transaction of $326,818.80. Following the completion of the transaction, the director directly owned 5,890,494 shares of the company’s stock, valued at approximately $1,250,080,636.68. 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 352,538 shares of company stock valued at $67,200,077. Corporate insiders own 9.06% of the company’s stock.

Credo Technology Group Stock Performance

Shares of CRDO opened at $129.80 on Wednesday. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The business has a 50-day moving average of $174.75 and a 200 day moving average of $180.23. The firm has a market cap of $24.40 billion, a P/E ratio of 44.90, a price-to-earnings-growth ratio of 0.53 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 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03. The business had revenue of $479.00 million for the quarter, compared to the consensus estimate 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 was up 114.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.52 earnings per share. As a group, research analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

About Credo Technology Group

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.