Rakuten Securities Inc. Acquires 10,437 Shares of Credo Technology Group Holding Ltd. $CRDO

Rakuten Securities Inc. lifted its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 209.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,416 shares of the company’s stock after buying an additional 10,437 shares during the quarter. Credo Technology Group comprises approximately 0.8% of Rakuten Securities Inc.’s investment portfolio, making the stock its 29th biggest holding. Rakuten Securities Inc.’s holdings in Credo Technology Group were worth $2,245,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. NewEdge Advisors LLC raised its position in shares of Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after acquiring an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after purchasing an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after buying an additional 7,107 shares during the period. Strs Ohio bought a new position in Credo Technology Group during the first quarter worth about $1,108,000. Finally, Voya Investment Management LLC grew its position in shares of Credo Technology Group by 233.5% during the 1st quarter. Voya Investment Management LLC now owns 138,516 shares of the company’s stock worth $5,563,000 after buying an additional 96,985 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRDO has been the subject of a number of analyst reports. New Street Research set a $240.00 price objective on shares of Credo Technology Group in a report on Tuesday, December 2nd. Mizuho boosted their price target on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, December 2nd. Barclays reaffirmed an “overweight” rating on shares of Credo Technology Group in a research note on Thursday. Bank of America boosted their target price on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Finally, Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 4th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Credo Technology Group has a consensus rating of “Buy” and an average target price of $217.08.

Insider Buying and Selling at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,902 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $140.15, for a total transaction of $546,865.30. Following the completion of the sale, the chief financial officer directly owned 446,178 shares of the company’s stock, valued at approximately $62,531,846.70. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 30,000 shares of the company’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $139.93, for a total value of $4,197,900.00. Following the completion of the transaction, the chief technology officer directly owned 6,387,370 shares in the company, valued at approximately $893,784,684.10. This represents a 0.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 1,088,276 shares of company stock valued at $167,068,167. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $156.84 on Thursday. The firm has a market cap of $28.33 billion, a price-to-earnings ratio of 137.58 and a beta of 2.66. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80. The stock’s 50-day moving average is $153.41 and its 200-day moving average is $138.22.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business’s quarterly revenue was up 272.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.07 EPS. On average, equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Credo Technology Group Company 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.