Prudential PLC Has $13.19 Million Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Prudential PLC raised its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 60.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 91,690 shares of the company’s stock after purchasing an additional 34,528 shares during the period. Prudential PLC owned 0.05% of Credo Technology Group worth $13,193,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Vise Technologies Inc. grew its holdings in Credo Technology Group by 77.5% during the fourth quarter. Vise Technologies Inc. now owns 4,823 shares of the company’s stock valued at $694,000 after purchasing an additional 2,106 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in Credo Technology Group by 413.2% during the fourth quarter. Daiwa Securities Group Inc. now owns 17,820 shares of the company’s stock valued at $2,564,000 after purchasing an additional 14,348 shares during the last quarter. TD Asset Management Inc grew its holdings in Credo Technology Group by 0.6% during the fourth quarter. TD Asset Management Inc now owns 120,538 shares of the company’s stock valued at $17,344,000 after purchasing an additional 668 shares during the last quarter. Lido Advisors LLC grew its holdings in Credo Technology Group by 8.2% during the fourth quarter. Lido Advisors LLC now owns 4,205 shares of the company’s stock valued at $612,000 after purchasing an additional 317 shares during the last quarter. Finally, CIBC Asset Management Inc grew its holdings in Credo Technology Group by 49.9% during the fourth quarter. CIBC Asset Management Inc now owns 7,704 shares of the company’s stock valued at $1,109,000 after purchasing an additional 2,563 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Rothschild & Co Redburn started coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price target on the stock. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 price objective on shares of Credo Technology Group in a research report on Tuesday. Jefferies Financial Group increased their price objective on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday. Mizuho increased 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. Finally, Stifel Nicolaus set a $250.00 price objective on Credo Technology Group in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $248.41.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer directly owned 6,272,370 shares of the company’s stock, valued at $737,630,712. This trade represents a 0.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 386,608 shares of company stock valued at $50,371,351. 11.84% of the stock is owned by company insiders.

Credo Technology Group Trading Down 4.9%

CRDO opened at $206.89 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $66.75 and a 1-year high of $245.95. The stock has a market capitalization of $38.16 billion, a price-to-earnings ratio of 83.42, a P/E/G ratio of 1.41 and a beta of 3.22. The business has a 50 day moving average of $169.65 and a 200-day moving average of $147.19.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The company had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. During the same period in the prior year, the business earned $0.20 earnings per share. Credo Technology Group’s revenue for the quarter was up 157.0% compared to the same quarter last year. Equities analysts predict that Credo Technology Group Holding Ltd. will post 3.93 EPS for the current 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.