Credo Technology Group Holding Ltd. $CRDO Shares Bought by Quantinno Capital Management LP

Quantinno Capital Management LP grew its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 68.4% during the first quarter, HoldingsChannel reports. The firm owned 34,124 shares of the company’s stock after purchasing an additional 13,859 shares during the quarter. Quantinno Capital Management LP’s holdings in Credo Technology Group were worth $3,203,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Corient Private Wealth LLC grew its position in Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Amundi boosted its holdings 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 acquiring an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of 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 worth $228,979,000 after acquiring an additional 1,422,391 shares during the period. Bank of America Corp DE increased its stake in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring 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 second 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 during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Rothschild & Co Redburn started coverage on Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 target price on the stock. Needham & Company LLC lifted their price target on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Bank of America increased their price objective on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Finally, Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $266.17.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $249.89 on Friday. The firm has a market capitalization of $46.60 billion, a price-to-earnings ratio of 100.76, a price-to-earnings-growth ratio of 1.14 and a beta of 3.23. The business’s 50 day simple moving average is $237.43 and its 200-day simple moving average is $174.54. 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 issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.Credo Technology Group’s revenue was up 157.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.20 earnings per share. On average, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 55,441 shares of the business’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the sale, the chief operating officer directly owned 2,529,169 shares in the company, valued at $538,763,580.38. The trade was a 2.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,473 shares of the firm’s stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the transaction, the chief technology officer owned 5,772,397 shares of the company’s stock, valued at $1,209,490,343.41. This trade represents a 0.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 435,076 shares of company stock worth $101,043,506 in the last three months. Corporate insiders own 11.84% of the company’s stock.

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.