SBI Okasan Asset Management Co.Ltd. Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

SBI Okasan Asset Management Co.Ltd. bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the fourth quarter, HoldingsChannel reports. The firm bought 12,920 shares of the company’s stock, valued at approximately $1,870,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Intech Investment Management LLC grew its holdings in shares of Credo Technology Group by 26.3% during the fourth quarter. Intech Investment Management LLC now owns 86,372 shares of the company’s stock worth $12,428,000 after buying an additional 18,002 shares in the last quarter. Thoroughbred Financial Services LLC grew its holdings in shares of Credo Technology Group by 2.2% during the fourth quarter. Thoroughbred Financial Services LLC now owns 32,815 shares of the company’s stock worth $4,721,000 after buying an additional 720 shares in the last quarter. Huntington National Bank grew its holdings in shares of Credo Technology Group by 39.8% during the fourth quarter. Huntington National Bank now owns 601 shares of the company’s stock worth $86,000 after buying an additional 171 shares in the last quarter. IPG Investment Advisors LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter worth about $303,000. Finally, Geode Capital Management LLC grew its holdings in shares of Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after buying an additional 184,676 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CRDO. Rosenblatt Securities lifted their price target on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Roth Mkm lowered their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Mizuho lowered their target price on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, March 3rd. Needham & Company LLC restated a “buy” rating and issued a $220.00 target price on shares of Credo Technology Group in a report on Wednesday, April 15th. Finally, Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $210.65.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $222.35 on Friday. Credo Technology Group Holding Ltd. has a 1 year low of $59.21 and a 1 year high of $233.70. The firm has a 50 day moving average price of $155.48 and a 200 day moving average price of $144.34. The company has a market cap of $41.01 billion, a price-to-earnings ratio of 123.53 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. The firm had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. Credo Technology Group’s revenue was up 201.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.25 earnings per share. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group 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.