Scotia Capital Inc. Takes $792,000 Position in Credo Technology Group Holding Ltd. $CRDO

Scotia Capital Inc. purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 2nd quarter, Holdings Channel reports. The fund purchased 8,551 shares of the company’s stock, valued at approximately $792,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CRDO. JPMorgan Chase & Co. boosted its stake in Credo Technology Group by 36.5% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after purchasing an additional 1,739,844 shares during the last quarter. Nuveen LLC bought a new position in shares of Credo Technology Group during the first quarter valued at $52,636,000. Swedbank AB boosted its position in shares of Credo Technology Group by 29.5% during the first quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock valued at $129,280,000 after buying an additional 733,811 shares during the last quarter. Candriam S.C.A. bought a new stake in Credo Technology Group in the 1st quarter worth about $29,258,000. Finally, FengHe Fund Management Pte. Ltd. bought a new stake in Credo Technology Group in the 2nd quarter worth about $63,013,000. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $171.13 on Tuesday. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $193.50. The company’s fifty day simple moving average is $152.51 and its 200-day simple moving average is $120.73. The stock has a market capitalization of $29.61 billion, a PE ratio of 255.42 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.Credo Technology Group’s revenue was up 272.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.07 EPS. Credo Technology Group has set its Q3 2026 guidance at EPS. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on CRDO. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a report on Wednesday, October 8th. Cowen restated a “buy” rating on shares of Credo Technology Group in a research report on Thursday, September 4th. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $85.00 to $150.00 and gave the stock a “buy” rating in a research report on Thursday, September 4th. Barclays reiterated an “overweight” rating on shares of Credo Technology Group in a research note on Tuesday. Finally, TD Cowen assumed coverage on Credo Technology Group in a research note on Wednesday, October 1st. They issued a “buy” rating and a $170.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $140.36.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 18,016 shares of Credo Technology Group stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $171.23, for a total transaction of $3,084,879.68. Following the transaction, the chief executive officer directly owned 319,907 shares of the company’s stock, valued at $54,777,675.61. The trade was a 5.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Yat Tung Lam sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $169.27, for a total value of $13,541,600.00. Following the transaction, the chief operating officer owned 770,000 shares of the company’s stock, valued at approximately $130,337,900. This trade represents a 9.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 973,161 shares of company stock valued at $149,011,579. 11.84% of the stock is currently owned by corporate insiders.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.