Capula Management Ltd Makes New $3.57 Million Investment in Credo Technology Group Holding Ltd. $CRDO

Capula Management Ltd bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 1st quarter, HoldingsChannel reports. The firm bought 38,073 shares of the company’s stock, valued at approximately $3,574,000.

Other large investors also recently made changes to their positions in the company. Corient Private Wealth LLC lifted its position in shares of Credo Technology Group by 239,024.5% in 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 in the last quarter. Amundi grew its position in Credo Technology Group by 28,478.2% during the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock valued at $224,439,000 after purchasing an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC grew its position in Credo Technology Group by 841.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock valued at $228,979,000 after purchasing an additional 1,422,391 shares in the last quarter. Bank of America Corp DE increased its stake in Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after buying an additional 1,406,752 shares during the period. Finally, Alliancebernstein L.P. lifted its position in Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after buying an additional 1,218,504 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the completion of the sale, the chief technology officer owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. This represents a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $218.57, for a total value of $12,017,852.88. Following the transaction, the chief executive officer directly owned 367,327 shares in the company, valued at approximately $80,286,662.39. This represents a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 302,162 shares of company stock worth $70,897,646 over the last three months. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Up 3.6%

Shares of CRDO opened at $236.50 on Friday. The company’s fifty day moving average is $234.46 and its 200-day moving average is $169.58. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The firm has a market cap of $44.10 billion, a price-to-earnings ratio of 95.36, a price-to-earnings-growth ratio of 1.04 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last released 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 during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. Credo Technology Group’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 EPS. As a group, research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CRDO shares. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Mizuho lifted their price objective on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Bank of America boosted their target price on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Jefferies Financial Group upped their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Barclays raised their price target on Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $266.17.

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.