Janus Henderson Group PLC Has $92.35 Million Stake in Credo Technology Group Holding Ltd. $CRDO

Janus Henderson Group PLC reduced its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 38.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 983,814 shares of the company’s stock after selling 607,534 shares during the period. Janus Henderson Group PLC’s holdings in Credo Technology Group were worth $92,350,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. NewEdge Advisors LLC raised its position in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after acquiring an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after acquiring an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after acquiring an additional 7,107 shares during the last quarter. CW Advisors LLC bought a new stake in Credo Technology Group in the second quarter valued at approximately $288,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after acquiring an additional 333 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

Shares of CRDO opened at $206.99 on Friday. The stock has a 50 day moving average price of $236.60 and a two-hundred day moving average price of $171.84. The firm has a market capitalization of $38.60 billion, a P/E ratio of 83.46, a P/E/G ratio of 0.92 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (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 company had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. During the same quarter in the previous year, the firm earned $0.20 earnings per share. Credo Technology Group’s quarterly revenue was up 157.0% on a year-over-year basis. On average, equities analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of Credo Technology Group stock in a transaction on 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. The trade was a 7.38% decrease in their position. The transaction was disclosed in a legal filing 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the transaction, the chief technology officer directly owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. This represents a 0.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 302,162 shares of company stock worth $72,810,546. Corporate insiders own 11.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Jefferies Financial Group raised their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Stifel Nicolaus increased their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. JPMorgan Chase & Co. lifted their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 2nd. Evercore assumed coverage on shares of Credo Technology Group in a report on Monday, June 22nd. They issued an “outperform” rating and a $325.00 target price on the stock. Finally, Needham & Company LLC upped their price target on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Credo Technology Group presently has an average rating of “Buy” and an average price target of $266.17.

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.