Aperture Investors LLC Makes New $1.52 Million Investment in Credo Technology Group Holding Ltd. $CRDO

Aperture Investors LLC bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the second quarter, according to its most recent 13F filing with the SEC. The fund bought 16,430 shares of the company’s stock, valued at approximately $1,521,000.

A number of other institutional investors have also recently made changes to their positions in CRDO. JPMorgan Chase & Co. raised its position in Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock valued at $602,662,000 after purchasing an additional 1,739,844 shares during the period. Nuveen LLC purchased a new position in shares of Credo Technology Group in the 1st quarter worth approximately $52,636,000. 1832 Asset Management L.P. bought a new position in shares of Credo Technology Group during the 2nd quarter valued at approximately $82,479,000. Swedbank AB raised its holdings in Credo Technology Group by 29.5% during the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock valued at $129,280,000 after buying an additional 733,811 shares during the period. Finally, Candriam S.C.A. bought a new stake in Credo Technology Group in the first quarter worth $29,258,000. Institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction on Monday, November 3rd. The stock was sold at an average price of $189.35, for a total value of $355,031.25. Following the transaction, the director directly owned 5,893,909 shares in the company, valued at approximately $1,116,011,669.15. This trade represents a 0.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO William Joseph Brennan sold 18,016 shares of the business’s stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $171.23, for a total value of $3,084,879.68. Following the completion of the transaction, the chief executive officer directly owned 319,907 shares of the company’s stock, valued at approximately $54,777,675.61. The trade was a 5.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 906,246 shares of company stock worth $139,395,908. 11.84% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on CRDO shares. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 price target on shares of Credo Technology Group in a report on Wednesday, October 1st. Susquehanna raised their price objective on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, October 22nd. Mizuho boosted their target price on Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research report on Tuesday, December 2nd. Finally, Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Buy” and an average target price of $206.85.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $170.29 on Wednesday. The stock has a market cap of $30.76 billion, a price-to-earnings ratio of 149.38 and a beta of 2.63. The firm’s 50-day moving average is $156.37 and its two-hundred day moving average is $125.78. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The company’s revenue was up 272.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.07 EPS. On average, equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Credo Technology Group 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.