China Universal Asset Management Co. Ltd. Takes Position in Credo Technology Group Holding Ltd. $CRDO

China Universal Asset Management Co. Ltd. bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 14,000 shares of the company’s stock, valued at approximately $1,296,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRDO. California Public Employees Retirement System lifted its holdings in shares of 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 buying an additional 37,772 shares during the period. Thompson Davis & CO. Inc. purchased a new position in Credo Technology Group during the second quarter valued at approximately $382,000. Realta Investment Advisors purchased a new position in Credo Technology Group during the second quarter valued at approximately $300,000. Ethic Inc. lifted its holdings in Credo Technology Group by 35.5% in the second quarter. Ethic Inc. now owns 7,142 shares of the company’s stock valued at $668,000 after acquiring an additional 1,873 shares during the period. Finally, Convergence Investment Partners LLC purchased a new stake in Credo Technology Group in the 2nd quarter worth approximately $2,577,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Mizuho lifted their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, December 2nd. William Blair started coverage on shares of Credo Technology Group in a report on Thursday, September 18th. They issued an “outperform” rating for the company. TD Cowen upped their price objective on shares of Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. JPMorgan Chase & Co. initiated coverage on Credo Technology Group in a research report on Friday, October 17th. They set an “overweight” rating and a $165.00 target price on the stock. Finally, New Street Research set a $240.00 price target on Credo Technology Group in a research note on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $206.85.

Credo Technology Group Stock Down 6.8%

Shares of NASDAQ CRDO opened at $143.91 on Monday. The company’s 50-day simple moving average is $156.73 and its 200-day simple moving average is $127.67. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80. The firm has a market cap of $25.99 billion, a price-to-earnings ratio of 126.24 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last released 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 the consensus estimate 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 for the quarter was up 272.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.07 EPS. Equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 112,580 shares of the stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the transaction, the chief financial officer directly owned 458,678 shares of the company’s stock, valued at approximately $63,389,299.60. This represents a 19.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, October 13th. The stock was sold at an average price of $148.08, for a total transaction of $8,144,400.00. Following the sale, the chief technology officer directly owned 6,778,961 shares in the company, valued at approximately $1,003,828,544.88. This trade represents a 0.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 906,246 shares of company stock valued at $139,985,508 over the last quarter. 11.84% of the stock is currently owned by insiders.

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.