Federated Hermes Inc. Buys 278,668 Shares of Credo Technology Group Holding Ltd. $CRDO

Federated Hermes Inc. lifted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 217.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 406,837 shares of the company’s stock after buying an additional 278,668 shares during the quarter. Federated Hermes Inc. owned approximately 0.24% of Credo Technology Group worth $59,240,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. First Horizon Corp bought a new stake in Credo Technology Group during the 3rd quarter worth approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of Credo Technology Group during the 2nd quarter valued at $27,000. Park Place Capital Corp bought a new position in shares of Credo Technology Group in the third quarter worth $41,000. Cullen Frost Bankers Inc. raised its position in shares of Credo Technology Group by 278.4% in the second quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock worth $44,000 after buying an additional 348 shares in the last quarter. Finally, Midwest Capital Advisors LLC bought a new stake in Credo Technology Group during the third quarter valued at $45,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Activity

In related news, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares in the company, valued at $61,276,000. This trade represents a 48.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total value of $7,658,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,892,502 shares in the company, valued at $289,855,606.32. This trade represents a 2.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 822,460 shares of company stock valued at $124,493,784. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Stock Performance

CRDO stock opened at $129.47 on Friday. The company has a market capitalization of $23.39 billion, a PE ratio of 113.57 and a beta of 2.66. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80. The company’s 50 day moving average price is $150.66 and its two-hundred day moving average price is $141.38.

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

Analysts Set New Price Targets

CRDO has been the topic of several recent analyst reports. Bank of America raised their price target on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. TD Cowen restated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Barclays reissued an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. Finally, Rosenblatt Securities started coverage on shares of Credo Technology Group in a research report on Wednesday, January 21st. They set a “neutral” rating and a $170.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $216.54.

Credo Technology Group Profile

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.