Allianz Asset Management GmbH Purchases 54,732 Shares of Credo Technology Group Holding Ltd. $CRDO

Allianz Asset Management GmbH increased its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 2,059.9% in the third quarter, HoldingsChannel reports. The firm owned 57,389 shares of the company’s stock after purchasing an additional 54,732 shares during the period. Allianz Asset Management GmbH’s holdings in Credo Technology Group were worth $8,356,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its holdings in shares of Credo Technology Group by 18.0% during the third quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock worth $97,000 after buying an additional 101 shares in the last quarter. GAMMA Investing LLC increased its holdings in Credo Technology Group by 6.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,891 shares of the company’s stock valued at $275,000 after purchasing an additional 118 shares in the last quarter. Nisa Investment Advisors LLC raised its position in Credo Technology Group by 3.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,684 shares of the company’s stock valued at $341,000 after purchasing an additional 126 shares during the last quarter. Blue Trust Inc. boosted its stake in Credo Technology Group by 3.9% in the second quarter. Blue Trust Inc. now owns 4,108 shares of the company’s stock worth $380,000 after purchasing an additional 154 shares in the last quarter. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of Credo Technology Group during the third quarter worth $25,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on CRDO shares. Roth Mkm set a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday. Weiss Ratings reissued a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Needham & Company LLC upped their price objective on Credo Technology Group from $190.00 to $220.00 and gave the stock 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. Finally, Bank of America upped their price target on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $212.69.

Insider Activity

In related news, COO Yat Tung Lam sold 370,000 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total value of $56,680,300.00. Following the completion of the sale, the chief operating officer owned 400,000 shares in the company, valued at $61,276,000. This represents a 48.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $174.70, for a total value of $9,608,500.00. Following the transaction, the chief technology officer owned 6,613,961 shares in the company, valued at approximately $1,155,458,986.70. This represents a 0.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 917,976 shares of company stock valued at $136,567,647 in the last quarter. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Up 10.8%

NASDAQ CRDO opened at $123.41 on Tuesday. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80. The company has a market capitalization of $22.29 billion, a PE ratio of 108.26 and a beta of 2.65. The stock has a 50-day simple moving average of $144.08 and a 200 day simple moving average of $142.69.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same period in the previous year, the company earned $0.07 EPS. The company’s revenue for the quarter was up 272.1% compared to the same quarter last year. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal 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.