Carmignac Gestion Takes $34.22 Million Position in Credo Technology Group Holding Ltd. $CRDO

Carmignac Gestion purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 364,500 shares of the company’s stock, valued at approximately $34,216,000.

A number of other large investors have also added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its stake in Credo Technology Group by 9.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock worth $39,004,000 after buying an additional 23,332 shares in the last quarter. FengHe Fund Management Pte. Ltd. raised its position in shares of Credo Technology Group by 5.7% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after buying an additional 8,769 shares in the last quarter. M&T Bank Corp raised its position in shares of Credo Technology Group by 428.8% in the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock valued at $1,932,000 after buying an additional 10,888 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of Credo Technology Group by 2.2% during the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after acquiring an additional 5,113 shares during the period. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Credo Technology Group by 486.2% during the 4th quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock worth $34,493,000 after acquiring an additional 198,826 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the transaction, the chief financial officer directly owned 504,708 shares in the company, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $205.54, for a total value of $5,652,350.00. Following the sale, the chief technology officer directly owned 5,799,870 shares in the company, valued at approximately $1,192,105,279.80. This trade 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 ninety days, insiders have sold 302,162 shares of company stock worth $72,810,546. Insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $206.99 on Monday. The firm has a market capitalization of $38.60 billion, a PE ratio of 83.46, a price-to-earnings-growth ratio of 0.95 and a beta of 3.23. The firm’s 50 day moving average is $236.60 and its 200 day moving average is $171.95. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 EPS. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Roth Capital lifted their price objective on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Barclays boosted their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Finally, Jefferies Financial Group lifted their price target 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. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $266.17.

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.