Pictet Asset Management Holding SA Grows Position in Credo Technology Group Holding Ltd. $CRDO

Pictet Asset Management Holding SA grew its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 353.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 454,700 shares of the company’s stock after buying an additional 354,521 shares during the period. Pictet Asset Management Holding SA owned 0.25% of Credo Technology Group worth $42,683,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Credo Technology Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after acquiring an additional 59,849 shares during the last quarter. State Street Corp boosted its holdings in shares of Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after purchasing an additional 849,654 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Credo Technology Group by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after purchasing an additional 184,676 shares in the last quarter. Corient Private Wealth LLC grew its position in shares of Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Up 11.0%

CRDO stock opened at $272.75 on Wednesday. Credo Technology Group Holding Ltd. has a 52-week low of $84.25 and a 52-week high of $308.67. The stock has a market cap of $50.86 billion, a price-to-earnings ratio of 109.98, a price-to-earnings-growth ratio of 1.12 and a beta of 3.22. The business has a fifty day moving average of $217.01 and a two-hundred day moving average of $158.44.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the prior year, the company posted $0.20 EPS. The company’s quarterly revenue was up 157.0% on a year-over-year basis. As a group, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CRDO shares. JPMorgan Chase & Co. boosted their price objective on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 2nd. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Susquehanna lifted their price target on Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a report on Tuesday, June 2nd. Stifel Nicolaus boosted their price target on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Finally, TD Cowen upped their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $263.11.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $270.94, for a total value of $7,450,850.00. Following the sale, the chief technology officer directly owned 5,937,370 shares of the company’s stock, valued at approximately $1,608,671,027.80. The trade was a 0.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sylvia Acevedo sold 2,208 shares of Credo Technology Group stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $211.00, for a total transaction of $465,888.00. Following the completion of the sale, the director owned 16,337 shares of the company’s stock, valued at $3,447,107. This trade represents a 11.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 389,384 shares of company stock valued at $74,982,168. 11.84% of the stock is currently owned by company insiders.

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.