Allspring Global Investments Holdings LLC Buys 37,958 Shares of Credo Technology Group Holding Ltd. $CRDO

Allspring Global Investments Holdings LLC boosted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 20.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 219,820 shares of the company’s stock after buying an additional 37,958 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.12% of Credo Technology Group worth $31,483,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CRDO. Atlantic Union Bankshares Corp acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at approximately $25,000. First Horizon Corp bought a new stake in Credo Technology Group in the 3rd quarter valued at $26,000. Smartleaf Asset Management LLC lifted its position in Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after acquiring an additional 147 shares during the last quarter. Park Place Capital Corp acquired a new position in shares of Credo Technology Group in the third quarter valued at about $41,000. Finally, Quarry LP raised its position in shares of Credo Technology Group by 642.5% in the third quarter. Quarry LP now owns 297 shares of the company’s stock valued at $43,000 after buying an additional 257 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $101.45 on Friday. The stock has a market cap of $18.71 billion, a P/E ratio of 56.36 and a beta of 2.72. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80. The firm’s fifty day moving average price is $113.84 and its 200-day moving average price is $139.48.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.29. The business had revenue of $407.01 million during the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.Credo Technology Group’s revenue for the quarter was up 201.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.25 earnings per share. On average, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts have commented on CRDO shares. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research report on Friday, March 27th. Roth Mkm reduced their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. Finally, Barclays restated an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a research report on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Buy” and an average target price of $206.33.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.69, for a total transaction of $6,384,500.00. Following the completion of the transaction, the chief executive officer owned 1,832,502 shares of the company’s stock, valued at $233,992,180.38. This represents a 2.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $139.93, for a total transaction of $4,197,900.00. Following the completion of the sale, the chief technology officer directly owned 6,387,370 shares of the company’s stock, valued at approximately $893,784,684.10. This represents a 0.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 396,101 shares of company stock worth $49,093,420. 11.84% of the stock is owned by company insiders.

Credo Technology Group Company 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.