Polar Capital Holdings Plc Sells 748,355 Shares of Credo Technology Group Holding Ltd. $CRDO

Polar Capital Holdings Plc trimmed its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 40.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,100,727 shares of the company’s stock after selling 748,355 shares during the period. Polar Capital Holdings Plc’s holdings in Credo Technology Group were worth $158,384,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CRDO. Bank of America Corp DE increased its holdings in shares of Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after buying an additional 1,406,752 shares during the period. Rafferty Asset Management LLC purchased a new stake in Credo Technology Group during the 3rd quarter valued at about $183,553,000. Alliancebernstein L.P. grew its position 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 worth $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. JPMorgan Chase & Co. grew its position in Credo Technology Group by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after acquiring an additional 1,190,522 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in Credo Technology Group by 2,537.7% in the 3rd quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock worth $167,452,000 after purchasing an additional 1,106,401 shares during the period. 80.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Friday, April 10th. The stock was sold at an average price of $118.25, for a total value of $3,251,875.00. Following the completion of the transaction, the chief technology officer owned 6,134,870 shares of the company’s stock, valued at approximately $725,448,377.50. This represents a 0.45% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the completion of the transaction, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This represents a 13.02% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 389,384 shares of company stock worth $66,025,968. Company insiders own 11.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Mizuho boosted their price objective on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Rothschild & Co Redburn started coverage on shares of Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price target for the company. Jefferies Financial Group increased their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Finally, Rosenblatt Securities raised their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $248.41.

Key Credo Technology Group News

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

• Positive Sentiment: Recent coverage remains upbeat on Credo’s growth story, pointing to strong AI connectivity demand, expanding optical product opportunities, and improving margins as reasons the stock has been bid higher. Credo Technology Stock Outlook Hinges on AI and Optical Scale
• Positive Sentiment: Analyst commentary also stayed constructive, including Mizuho reiterating an Outperform rating with a $290 target, reinforcing expectations that Credo can keep growing rapidly as AI networking spending expands. Mizuho Reiterates Outperform on Credo Technology Group Holding Ltd (CRDO)
• Positive Sentiment: Several articles framed Credo as a standout momentum stock and asked whether it can reach $300 by year-end, which adds to the bullish sentiment around the name. Can Credo Hit $300 By Year-End?
• Neutral Sentiment: CEO/CFO-related insider selling of 40,000 shares was disclosed, but it was done under a pre-arranged 10b5-1 plan and for tax withholding tied to equity vesting, making it less likely to be read as a negative signal on fundamentals. SEC Form 4 filing
• Negative Sentiment: After a huge rally, some commentary warned that CRDO’s valuation is getting stretched, so the stock could pull back if earnings growth, customer ramps, or margin expansion slow. Is CRDO Stock Still Worth Buying After Its Massive Run Higher?

Credo Technology Group Trading Down 7.8%

Shares of NASDAQ CRDO opened at $239.18 on Wednesday. Credo Technology Group Holding Ltd. has a 12 month low of $77.79 and a 12 month high of $270.21. The firm has a market capitalization of $44.12 billion, a PE ratio of 96.44, a price-to-earnings-growth ratio of 1.36 and a beta of 3.22. The firm has a fifty day simple moving average of $190.37 and a two-hundred day simple moving average of $152.06.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 36.99%. The business had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same period in the prior year, the business earned $0.20 EPS. The company’s revenue for the quarter was up 157.0% on a year-over-year basis. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Credo Technology Group Company 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.