Resona Asset Management Co. Ltd. Raises Stock Position in Credo Technology Group Holding Ltd. $CRDO

Resona Asset Management Co. Ltd. lifted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 12,986.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 45,802 shares of the company’s stock after acquiring an additional 45,452 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Credo Technology Group were worth $6,596,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Gables Capital Management Inc. purchased a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $604,000. Csenge Advisory Group purchased a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $554,000. Profund Advisors LLC lifted its position in shares of Credo Technology Group by 8.0% during the 4th quarter. Profund Advisors LLC now owns 11,041 shares of the company’s stock worth $1,589,000 after buying an additional 816 shares during the last quarter. ProShare Advisors LLC lifted its position in shares of Credo Technology Group by 22.8% during the 4th quarter. ProShare Advisors LLC now owns 48,240 shares of the company’s stock worth $6,941,000 after buying an additional 8,964 shares during the last quarter. Finally, HighTower Advisors LLC lifted its position in shares of Credo Technology Group by 2.5% during the 4th quarter. HighTower Advisors LLC now owns 24,735 shares of the company’s stock worth $3,559,000 after buying an additional 608 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CRDO. Roth Mkm reduced their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price target on shares of Credo Technology Group in a research report on Wednesday, April 15th. Jefferies Financial Group started coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They issued a “buy” rating and a $175.00 price target for the company. Craig Hallum reiterated a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Finally, Rosenblatt Securities upped their price target on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $207.71.

Key Stories Impacting Credo Technology Group

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo was highlighted as an AI infrastructure winner alongside Nvidia, Innodata and Qualcomm, keeping investor focus on its exposure to edge computing and data growth. Zacks Investment Ideas feature highlights: Nvidia, Innodata, Credo Technology and Qualcomm
• Positive Sentiment: Zacks framed CRDO as one of the better alternative AI stocks to Nvidia, suggesting more upside as investors look beyond the mega-cap leader. Has Nvidia Become Too Big? 3 Alternative AI Stocks
• Positive Sentiment: Credo jumped after announcing an AI Factory partnership with Rebellions to integrate ZeroFlap cables into RebelPOD, which could strengthen its position in scalable AI data center builds. AI Factory Partnership With Rebellions Sends Credo’s Shares Up 8%
• Positive Sentiment: Several outlets described Credo as a “Bull of the Day” and a top semiconductor stock with high upside potential, adding to the upbeat sentiment around the shares. Bull of the Day: Credo Technology Group (CRDO)
• Neutral Sentiment: One article compared CRDO with Coherent as an AI connectivity stock, but the piece was more of an industry comparison than a fresh catalyst. CRDO vs. COHR: Which AI Connectivity Stock Is the Better Buy?
• Negative Sentiment: Broader market coverage noted Nvidia weakness and mixed trading in AI names, which could have tempered enthusiasm even as Credo outperformed. Stock Market Today: Dow Up, Nvidia Sinks 2% While Intuit Craters; These AI Companies Thrive (Live Coverage)

Insider Activity

In other news, CEO William Joseph Brennan sold 6,149 shares of the firm’s stock in a transaction on Sunday, April 5th. The shares were sold at an average price of $101.45, for a total value of $623,816.05. Following the completion of the sale, the chief executive officer owned 222,311 shares in the company, valued at approximately $22,553,450.95. This trade represents a 2.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $178.99, for a total transaction of $4,922,225.00. Following the completion of the sale, the chief technology officer owned 6,024,870 shares of the company’s stock, valued at $1,078,391,481.30. This trade represents a 0.45% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 386,608 shares of company stock worth $50,371,351 over the last quarter. Insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

CRDO stock opened at $218.41 on Friday. The company has a fifty day moving average price of $146.81 and a 200 day moving average price of $143.06. Credo Technology Group Holding Ltd. has a 12 month low of $59.00 and a 12 month high of $218.95. The company has a market cap of $40.29 billion, a price-to-earnings ratio of 121.34 and a beta of 3.17.

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

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.