Credo Technology Group Holding Ltd. $CRDO Shares Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA boosted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 222.5% during the third quarter, Holdings Channel.com reports. The fund owned 740,487 shares of the company’s stock after acquiring an additional 510,905 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Credo Technology Group were worth $144,170,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Orion Capital Management LLC purchased a new position in Credo Technology Group during the second quarter valued at approximately $27,000. Hoey Investments Inc. bought a new position in shares of Credo Technology Group in the third quarter worth approximately $31,000. AlphaCentric Advisors LLC purchased a new stake in shares of Credo Technology Group in the first quarter worth $33,000. Burkett Financial Services LLC purchased a new stake in shares of Credo Technology Group in the third quarter worth $33,000. Finally, Western Wealth Management LLC purchased a new stake in shares of Credo Technology Group in the first quarter worth $38,000. Institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In other news, CTO Chi Cheng sold 27,500 shares of the stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $164.12, for a total transaction of $4,513,300.00. Following the completion of the transaction, the chief technology officer directly owned 5,552,397 shares in the company, valued at approximately $911,259,395.64. This represents a 0.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Brennan sold 16,666 shares of the firm’s stock in a transaction on Monday, October 19th. The shares were sold at an average price of $174.87, for a total transaction of $2,914,383.42. Following the completion of the transaction, the chief executive officer directly owned 1,584,164 shares of the company’s stock, valued at approximately $277,022,758.68. This trade represents a 1.04% 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 worth $67,200,077. Insiders own 9.06% of the company’s stock.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $120.51 on Monday. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The stock’s 50-day moving average price is $178.67 and its 200-day moving average price is $180.29. The stock has a market capitalization of $22.65 billion, a price-to-earnings ratio of 42.89, a price-to-earnings-growth ratio of 0.48 and a beta of 3.29.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The company had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. During the same period in the prior year, the company earned $0.52 earnings per share. The firm’s revenue was up 114.7% on a year-over-year basis. As a group, research analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Key Headlines Impacting Credo Technology Group

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

• Positive Sentiment: A Seeking Alpha contributor upgraded Credo, arguing that the recent sell-off has gone far enough—potentially signaling that the lower share price has improved the risk-reward profile. Credo: The Sell-Off Has Done Its Job (Rating Upgrade)
• Positive Sentiment: Credo and Oracle secured Open Compute Project approval for two optical telemetry standards, supporting Credo’s role in developing connectivity and reliability for next-generation AI data centers. Credo and Oracle Drive AI Optical Innovation
• Neutral Sentiment: Coverage notes that Credo and other AI-hardware companies have delivered strong results, but cautions that supply bottlenecks and customer concentration could limit further gains. The AI Boom Is Creating a New Set of Winners
• Negative Sentiment: A broader tech-sector decline drove a steep drop in CRDO, as investors reassessed AI-related stocks. Separate coverage tied the sell-off to fears that political changes could pose a downside risk to AI spending; that concern, however, has not appeared in Credo’s guidance or analyst estimates. Tech selloff sends Credo Technology down Credo Sinks as Political Fears Weigh on AI Stocks

Analysts Set New Price Targets

CRDO has been the topic of a number of analyst reports. Rosenblatt Securities restated a “neutral” rating and set a $235.00 target price on shares of Credo Technology Group in a research note on Thursday, October 15th. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings lowered Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, October 6th. Barclays raised their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. Finally, JPMorgan Chase & Co. decreased their price target on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus price target of $262.67.

Credo Technology Group Profile

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.

Credo is headquartered in San Jose, California, and serves customers in the global data infrastructure market.