Sumitomo Mitsui Trust Group Inc. Boosts Stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Sumitomo Mitsui Trust Group Inc. raised its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 33.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,200 shares of the company’s stock after acquiring an additional 2,046 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Credo Technology Group were worth $329,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. CIBC Private Wealth Group LLC raised its stake in Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after purchasing an additional 348 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Credo Technology Group by 1.2% in the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after buying an additional 501 shares during the last quarter. Prudential Financial Inc. increased its holdings in shares of Credo Technology Group by 6.0% in the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company’s stock worth $662,000 after buying an additional 560 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Credo Technology Group during the 1st quarter valued at $27,000. Finally, Corebridge Financial Inc. lifted its holdings in shares of Credo Technology Group by 1.2% during the 4th quarter. Corebridge Financial Inc. now owns 69,651 shares of the company’s stock worth $4,681,000 after acquiring an additional 801 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $93.18 on Friday. Credo Technology Group Holding Ltd. has a one year low of $22.50 and a one year high of $95.71. The business’s 50 day simple moving average is $68.57 and its two-hundred day simple moving average is $61.71. The stock has a market capitalization of $15.99 billion, a P/E ratio of 345.09, a price-to-earnings-growth ratio of 1.68 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The company had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The firm’s revenue for the quarter was up 179.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 earnings per share. Sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research analyst reports. Susquehanna reissued a “positive” rating and issued a $90.00 target price (up previously from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Barclays set a $85.00 price objective on Credo Technology Group and gave the company an “overweight” rating in a research report on Tuesday, June 3rd. Needham & Company LLC boosted their target price on Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Noble Financial raised Credo Technology Group to a “strong-buy” rating in a research note on Tuesday, June 3rd. Finally, TD Cowen lifted their price target on shares of Credo Technology Group from $85.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, June 18th. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $82.45.

Insider Transactions at Credo Technology Group

In other news, Director Lip Bu Tan sold 171,473 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the completion of the sale, the director directly owned 613,725 shares in the company, valued at approximately $47,809,177.50. This represents a 21.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 59,641 shares of the business’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $74.96, for a total value of $4,470,689.36. Following the transaction, the chief technology officer owned 7,603,961 shares in the company, valued at approximately $569,992,916.56. This represents a 0.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,086,139 shares of company stock worth $75,820,113 in the last 90 days. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.