Generali Investments Management Co LLC Buys Shares of 2,555 Credo Technology Group Holding Ltd. $CRDO

Generali Investments Management Co LLC purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,555 shares of the company’s stock, valued at approximately $695,000.

Several other hedge funds have also made changes to their positions in CRDO. Corient Private Wealth LLC grew its stake in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Amundi increased its position in Credo Technology Group by 28,478.2% in the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after buying an additional 1,554,338 shares during the period. Janus Henderson Group PLC lifted its stake in Credo Technology Group by 841.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock valued at $228,979,000 after buying an additional 1,422,391 shares during the last quarter. Bank of America Corp DE lifted its stake in Credo Technology Group by 161.5% in the third 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 last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares during the period. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Down 4.0%

Credo Technology Group stock opened at $239.93 on Tuesday. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The stock has a market cap of $44.74 billion, a price-to-earnings ratio of 96.75, a PEG ratio of 1.14 and a beta of 3.23. The company’s 50-day moving average price is $237.71 and its two-hundred day moving average price is $175.32.

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

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,473 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the transaction, the chief technology officer directly owned 5,772,397 shares of the company’s stock, valued at approximately $1,209,490,343.41. This trade represents a 0.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Tung Lam sold 55,441 shares of Credo Technology Group stock in a transaction on 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 transaction, the chief operating officer owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. This trade represents a 2.15% 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 sold 435,076 shares of company stock worth $101,043,506 over the last ninety days. Company insiders own 11.84% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on CRDO. Susquehanna upped their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Stifel Nicolaus lifted their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Rosenblatt Securities boosted their target price on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Bank of America upped their target price on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. raised their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $266.17.

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.