Plato Investment Management Ltd Purchases New Holdings in Credo Technology Group Holding Ltd. $CRDO

Plato Investment Management Ltd purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,758 shares of the company’s stock, valued at approximately $688,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRDO. Bank of America Corp DE increased its stake in Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after acquiring an additional 1,406,752 shares during the period. Rafferty Asset Management LLC bought a new position in Credo Technology Group during the third quarter valued at about $183,553,000. Alliancebernstein L.P. increased its stake in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares during the period. JPMorgan Chase & Co. increased its stake in Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after acquiring an additional 1,190,522 shares during the period. Finally, Marshall Wace LLP increased its stake in Credo Technology Group by 2,537.7% during the third quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock valued at $167,452,000 after acquiring an additional 1,106,401 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CRDO has been the topic of several research reports. Barclays restated an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. Stifel Nicolaus set a $200.00 price target on Credo Technology Group in a research note on Tuesday, March 3rd. Jefferies Financial Group began coverage on Credo Technology Group in a research note on Monday, April 13th. They set a “buy” rating and a $175.00 price target on the stock. Mizuho decreased their price objective on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, March 3rd. Finally, The Goldman Sachs Group lifted their price objective on Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $207.71.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $188.51 on Monday. The stock’s 50 day moving average is $130.21 and its two-hundred day moving average is $140.68. The company has a market capitalization of $34.77 billion, a price-to-earnings ratio of 104.73 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 1-year low of $49.67 and a 1-year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company’s quarterly revenue was up 201.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.25 earnings per share. On average, analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. The trade was a 2.73% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 386,608 shares of company stock worth $50,371,351 over the last three months. 11.84% of the stock is owned by company insiders.

About Credo Technology Group

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.