Credo Technology Group Holding Ltd. $CRDO Stock: Sumitomo Mitsui Trust Group Inc. Grows Stake

Sumitomo Mitsui Trust Group Inc. lifted its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 7.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 383,367 shares of the company’s stock after acquiring an additional 27,241 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.20% of Credo Technology Group worth $74,676,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CRDO. Bank of America Corp DE lifted its holdings in Credo Technology Group by 13.7% during the second quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock worth $593,603,000 after buying an additional 262,479 shares during the period. Atreides Management LP lifted its stake in Credo Technology Group by 3.5% during the second quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock worth $307,109,000 after purchasing an additional 38,052 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Credo Technology Group by 192.1% in the first quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock worth $98,290,000 after acquiring an additional 688,596 shares during the last quarter. H&H International Investment LLC lifted its position in shares of Credo Technology Group by 431.6% during the 1st quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock worth $70,515,000 after buying an additional 609,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Credo Technology Group by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 703,122 shares of the company’s stock valued at $65,949,000 after purchasing an additional 3,501 shares during the period. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $150.91 on Wednesday. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67. The firm has a 50-day moving average of $185.15 and a 200-day moving average of $180.71. The company has a market cap of $28.36 billion, a P/E ratio of 53.70, a P/E/G ratio of 0.56 and a beta of 3.29.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. The business had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. Credo Technology Group’s quarterly revenue was up 114.7% compared to the same quarter last year. During the same period last year, the company posted $0.52 earnings per share. As a group, research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

CRDO has been the topic of a number of recent analyst reports. Evercore set a $292.00 price target on Credo Technology Group in a research note on Wednesday, September 2nd. Stifel Nicolaus reduced their target price on Credo Technology Group from $350.00 to $310.00 and set a “buy” rating for the company in a report on Monday, October 5th. Bank of America decreased their price objective on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research note on Wednesday, September 2nd. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. Finally, Barclays boosted their target price on Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $262.67.

Insider Transactions at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction on Thursday, October 8th. The shares were sold at an average price of $212.91, for a total value of $1,613,857.80. Following the transaction, the chief financial officer owned 492,208 shares of the company’s stock, valued at $104,796,005.28. This represents a 1.52% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total value of $4,513,300.00. Following the transaction, the chief technology officer owned 5,552,397 shares in the company, valued at $911,259,395.64. This trade represents a 0.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 352,538 shares of company stock valued at $67,200,077. Company insiders own 9.06% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.