Citigroup Inc. Buys 349,209 Shares of Credo Technology Group Holding Ltd. $CRDO

Citigroup Inc. raised its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 289.6% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 469,783 shares of the company’s stock after buying an additional 349,209 shares during the quarter. Citigroup Inc. owned about 0.27% of Credo Technology Group worth $68,405,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of CRDO. Atlantic Union Bankshares Corp bought a new position in Credo Technology Group in the 3rd quarter worth about $25,000. First Horizon Corp purchased a new position in Credo Technology Group in the third quarter worth about $26,000. Smartleaf Asset Management LLC lifted its stake in shares of Credo Technology Group by 133.6% in the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after buying an additional 147 shares in the last quarter. Park Place Capital Corp purchased a new stake in shares of Credo Technology Group during the third quarter valued at approximately $41,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in shares of Credo Technology Group during the second quarter valued at approximately $27,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Down 0.0%

Shares of NASDAQ CRDO opened at $124.05 on Tuesday. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The firm has a market capitalization of $22.41 billion, a price-to-earnings ratio of 108.82 and a beta of 2.65. The firm has a 50 day moving average of $135.63 and a 200 day moving average of $143.70.

Credo Technology Group (NASDAQ:CRDO) last issued 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 business had revenue of $268.03 million for 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 last year, the company posted $0.07 EPS. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 18,016 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $127.69, for a total transaction of $2,300,463.04. Following the sale, the chief executive officer owned 252,625 shares in the company, valued at approximately $32,257,686.25. This trade represents a 6.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the transaction, the chief technology officer directly owned 6,299,870 shares in the company, valued at $802,414,441.90. This represents a 0.43% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 917,976 shares of company stock valued at $136,567,647. 11.84% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on CRDO shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a research report on Monday, December 29th. KGI Securities raised Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target on the stock in a report on Tuesday, December 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a report on Tuesday, February 10th. Barclays reissued an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a research report on Thursday, January 15th. Finally, Bank of America raised their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus price target of $209.29.

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.