Dimensional Fund Advisors LP Buys 3,501 Shares of Credo Technology Group Holding Ltd. $CRDO

Dimensional Fund Advisors LP increased its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 0.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 703,122 shares of the company’s stock after acquiring an additional 3,501 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.38% of Credo Technology Group worth $65,949,000 at the end of the most recent quarter.

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Jefferies Financial Group raised their price objective on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Wall Street Zen lowered Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Roth Capital lifted their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Finally, Mizuho boosted their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $266.17.

Insider Activity

In other Credo Technology Group news, CEO William Joseph Brennan sold 54,984 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This represents a 13.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief financial officer owned 501,873 shares in the company, valued at $125,207,276.04. The trade was a 7.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders have sold 302,162 shares of company stock valued at $72,810,546 in the last 90 days. Insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Up 2.9%

Shares of Credo Technology Group stock opened at $206.99 on Friday. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The business has a 50 day moving average price of $236.60 and a 200-day moving average price of $171.84. The company has a market cap of $38.60 billion, a PE ratio of 83.46, a price-to-earnings-growth ratio of 0.92 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last announced its 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 net margin of 35.37% and a return on equity of 32.30%. The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the company posted $0.20 earnings per share. The firm’s revenue for the quarter was up 157.0% on a year-over-year basis. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS 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.