Sei Investments Co. Grows Stock Position in Credo Technology Group Holding Ltd. $CRDO

Sei Investments Co. raised its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 93.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,450 shares of the company’s stock after acquiring an additional 65,394 shares during the quarter. Sei Investments Co. owned 0.07% of Credo Technology Group worth $12,715,000 at the end of the most recent quarter.

A number of other hedge funds 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% 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 in the last quarter. Amundi boosted its stake in shares of Credo Technology Group by 28,478.2% in 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 during the period. Janus Henderson Group PLC grew its holdings in Credo Technology Group by 841.9% during the 4th 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 grew its holdings in Credo Technology Group by 161.5% during 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 purchasing an additional 1,406,752 shares in the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on CRDO. Evercore assumed coverage on shares of Credo Technology Group in a report on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Mizuho raised their target price on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. Bank of America raised 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. TD Cowen lifted their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, Rothschild & Co Redburn began coverage on Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $266.17.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at approximately $80,286,662.39. This represents a 13.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel W. Fleming sold 40,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. This represents a 7.38% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last 90 days, insiders have sold 302,162 shares of company stock valued at $72,810,546. Insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $206.99 on Friday. The stock has a market capitalization of $38.60 billion, a PE ratio of 83.46, a P/E/G ratio of 0.92 and a beta of 3.20. The firm’s fifty day moving average price is $236.60 and its 200 day moving average price is $171.84. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67.

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

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.