Sumitomo Mitsui Trust Group Inc. Grows Position in Credo Technology Group Holding Ltd. $CRDO

Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 5.2% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 326,592 shares of the company’s stock after purchasing an additional 16,237 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Credo Technology Group were worth $30,657,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CRDO. Crewe Advisors LLC raised its stake in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares during the period. Reflection Asset Management bought a new position in shares of Credo Technology Group during the 4th quarter valued at approximately $25,000. Acumen Wealth Advisors LLC bought a new position in shares of Credo Technology Group during the 4th quarter valued at approximately $25,000. Flagship Harbor Advisors LLC purchased a new stake in Credo Technology Group in the 4th quarter worth approximately $32,000. Finally, Smallwood Wealth Investment Management LLC purchased a new stake in Credo Technology Group in the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Down 8.1%

NASDAQ CRDO opened at $236.88 on Tuesday. The stock’s 50 day moving average is $230.01 and its 200 day moving average is $165.29. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The stock has a market cap of $44.17 billion, a PE ratio of 95.52, a P/E/G ratio of 1.18 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $431.80 million. During the same period in the prior year, the company posted $0.20 EPS. The firm’s revenue for the quarter was up 157.0% compared to the same quarter last year. On average, analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CRDO. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Jefferies Financial Group increased their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. raised their price objective on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research report on Tuesday, June 2nd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $263.11.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $246.69, for a total value of $6,783,975.00. Following the sale, the chief technology officer owned 5,964,870 shares in the company, valued at $1,471,473,780.30. The trade was a 0.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at $125,207,276.04. This trade represents a 7.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 367,162 shares of company stock worth $82,045,746. 11.84% of the stock is owned by 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.