WT Asset Management Ltd Invests $33.55 Million in Credo Technology Group Holding Ltd. $CRDO

WT Asset Management Ltd purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the third quarter, HoldingsChannel reports. The fund purchased 230,400 shares of the company’s stock, valued at approximately $33,549,000. Credo Technology Group comprises 1.5% of WT Asset Management Ltd’s holdings, making the stock its 18th largest holding.

Several other large investors have also made changes to their positions in CRDO. California Public Employees Retirement System increased its holdings in Credo Technology Group by 17.2% in the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after acquiring an additional 37,772 shares during the last quarter. Optimize Financial Inc bought a new position in Credo Technology Group during the third quarter valued at approximately $1,431,000. Estate Counselors LLC purchased a new position in Credo Technology Group during the 3rd quarter valued at approximately $2,548,000. Global Trust Asset Management LLC bought a new position in shares of Credo Technology Group during the 3rd quarter valued at approximately $2,167,000. Finally, New York State Common Retirement Fund grew its holdings in shares of Credo Technology Group by 106.5% in the third quarter. New York State Common Retirement Fund now owns 146,134 shares of the company’s stock valued at $21,279,000 after purchasing an additional 75,369 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Down 4.8%

CRDO stock traded down $6.23 during trading on Friday, hitting $124.43. The company had a trading volume of 590,871 shares, compared to its average volume of 6,693,064. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80. The company has a 50 day simple moving average of $136.38 and a 200-day simple moving average of $143.19. The firm has a market capitalization of $22.48 billion, a P/E ratio of 110.18 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same period last year, the company posted $0.07 earnings per share. The company’s quarterly revenue was up 272.1% compared to the same quarter last year. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research firms have commented on CRDO. Mizuho increased their price objective on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research report on Tuesday, December 2nd. The Goldman Sachs Group set a $165.00 price target on shares of Credo Technology Group and gave the company a “buy” rating in a report on Thursday. Barclays reissued an “overweight” rating and set a $260.00 price objective on shares of Credo Technology Group in a research note on Thursday, January 15th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Finally, KGI Securities raised Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price on the stock in a research report on Tuesday, December 2nd. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average target price of $209.29.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the transaction, the chief operating officer owned 400,000 shares in the company, valued at approximately $61,276,000. This trade represents a 48.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $174.70, for a total transaction of $9,608,500.00. Following the completion of the sale, the chief technology officer directly owned 6,613,961 shares of the company’s stock, valued at approximately $1,155,458,986.70. This trade represents a 0.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 917,976 shares of company stock valued at $136,567,647. 11.84% of the stock is currently owned by corporate insiders.

About Credo Technology Group

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.