Zevenbergen Capital Investments LLC Has $12.83 Million Stock Position in Credo Technology Group Holding Ltd. $CRDO

Zevenbergen Capital Investments LLC lessened its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 5.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,100 shares of the company’s stock after selling 5,000 shares during the quarter. Zevenbergen Capital Investments LLC owned about 0.05% of Credo Technology Group worth $12,828,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Credo Technology Group by 2.7% in the second quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock worth $1,516,195,000 after acquiring an additional 430,445 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Credo Technology Group by 36.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after purchasing an additional 1,739,844 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Credo Technology Group by 4.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after purchasing an additional 163,305 shares in the last quarter. Swedbank AB grew its position in Credo Technology Group by 29.5% in the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock valued at $129,280,000 after purchasing an additional 733,811 shares during the period. Finally, Alliancebernstein L.P. increased its stake in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Insider Activity at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $189.35, for a total value of $355,031.25. Following the transaction, the director directly owned 5,893,909 shares of the company’s stock, valued at approximately $1,116,011,669.15. The trade was a 0.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $143.94, for a total transaction of $7,916,700.00. Following the completion of the sale, the chief technology officer directly owned 6,558,961 shares in the company, valued at approximately $944,096,846.34. This represents a 0.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,311,246 shares of company stock worth $200,335,333. 11.84% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Bank of America lifted their price objective on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Susquehanna raised their price target on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a research report on Wednesday, October 22nd. Roth Capital boosted 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. William Blair assumed coverage on Credo Technology Group in a report on Thursday, September 18th. They issued an “outperform” rating on the stock. Finally, Barclays lifted their target price on Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and an average price target of $206.85.

Credo Technology Group Stock Up 8.3%

Credo Technology Group stock opened at $150.13 on Friday. Credo Technology Group Holding Ltd. has a 52 week low of $29.09 and a 52 week high of $213.80. The company’s 50 day moving average price is $156.36 and its two-hundred day moving average price is $129.49. The stock has a market cap of $27.12 billion, a P/E ratio of 131.69 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.18. The company had revenue of $268.03 million during the quarter, compared to analyst estimates 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 in the prior year, the company posted $0.07 earnings per share. On average, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

About Credo Technology Group

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.