510,905 Credo Technology Group Holding Ltd. $CRDO Shares Bought by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA increased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 222.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 740,487 shares of the company’s stock after acquiring an additional 510,905 shares during the period. Pictet Asset Management Holding SA owned about 0.39% of Credo Technology Group worth $144,170,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Orion Capital Management LLC purchased a new stake in Credo Technology Group during the 2nd quarter valued at $27,000. Hoey Investments Inc. purchased a new position in shares of Credo Technology Group in the third quarter worth $31,000. Burkett Financial Services LLC purchased a new position in shares of Credo Technology Group in the third quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. raised its stake in shares of Credo Technology Group by 4,900.0% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 200 shares of the company’s stock worth $39,000 after purchasing an additional 196 shares during the last quarter. Finally, Alpine Bank Wealth Management purchased a new position in shares of Credo Technology Group in the third quarter worth $40,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Price Performance

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

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. 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 previous year, the business posted $0.52 earnings per share. The firm’s quarterly revenue was up 114.7% compared to the same quarter last year. Analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Key Credo Technology Group News

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. JPMorgan Chase & Co. lowered 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. Rosenblatt Securities reiterated a “neutral” rating and issued a $235.00 price objective on shares of Credo Technology Group in a report on Thursday, October 15th. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Evercore set a $292.00 target price on shares of Credo Technology Group in a research note on Wednesday, September 2nd. Finally, Stifel Nicolaus lowered their target price on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $262.67.

Insider Activity

In other news, CTO Chi Cheng sold 27,500 shares of the business’s stock in a transaction on Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total transaction of $4,513,300.00. Following the completion of the sale, the chief technology officer owned 5,552,397 shares of the company’s stock, valued at $911,259,395.64. The trade was a 0.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 5,000 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $205.00, for a total value of $1,025,000.00. Following the completion of the sale, the insider owned 164,223 shares of the company’s stock, valued at $33,665,715. This trade represents a 2.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 352,538 shares of company stock worth $67,200,077. Company insiders own 9.06% of the company’s stock.

Credo Technology Group Company 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.