Credo Technology Group Holding Ltd. $CRDO Shares Purchased by Nissay Asset Management Corp Japan

Nissay Asset Management Corp Japan raised its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 36.4% in the 2nd quarter, Holdings Channel reports. The fund owned 86,583 shares of the company’s stock after acquiring an additional 23,124 shares during the quarter. Nissay Asset Management Corp Japan’s holdings in Credo Technology Group were worth $23,546,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of CRDO. Corient Private Wealth LLC lifted its holdings in shares of Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares during the period. Amundi lifted its stake in shares of Credo Technology Group by 28,478.2% in the 4th quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after acquiring an additional 1,554,338 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Credo Technology Group by 841.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock valued at $228,979,000 after acquiring an additional 1,422,391 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the period. Finally, Alliancebernstein L.P. raised its holdings in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $232.75 on Friday. The business’s fifty day moving average price is $238.64 and its two-hundred day moving average price is $186.88. The stock has a market cap of $43.74 billion, a PE ratio of 93.85, a price-to-earnings-growth ratio of 1.10 and a beta of 3.23. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business’s revenue was up 157.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.20 earnings per share. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on CRDO. Rothschild & Co Redburn began coverage on Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 target price on the stock. Stifel Nicolaus increased their price objective on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Credo Technology Group in a report on Friday, August 21st. The Goldman Sachs Group reiterated a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a report on Tuesday, June 2nd. Finally, Jefferies Financial Group upped their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $268.39.

Insider Activity

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at approximately $125,207,276.04. This represents a 7.38% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Yat Tung Lam sold 55,441 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the sale, the chief operating officer directly owned 2,529,169 shares in the company, valued at $538,763,580.38. This represents a 2.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 435,076 shares of company stock worth $101,043,506. Company insiders own 11.84% of the company’s stock.

About Credo Technology Group

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.