Hsbc Holdings PLC Has $6.23 Million Stake in Credo Technology Group Holding Ltd. $CRDO

Hsbc Holdings PLC raised its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 88.3% in the 1st quarter, HoldingsChannel reports. The firm owned 66,981 shares of the company’s stock after purchasing an additional 31,414 shares during the quarter. Hsbc Holdings PLC’s holdings in Credo Technology Group were worth $6,229,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. increased its stake in shares of Credo Technology Group by 16.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after buying an additional 77 shares in the last quarter. QRG Capital Management Inc. lifted its position in Credo Technology Group by 1.7% during the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after buying an additional 91 shares in the last quarter. Mark Sheptoff Financial Planning LLC grew its holdings in Credo Technology Group by 2.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock worth $741,000 after acquiring an additional 100 shares during the last quarter. Spirepoint Private Client LLC increased its position in Credo Technology Group by 6.6% in the 4th quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock valued at $243,000 after acquiring an additional 105 shares in the last quarter. Finally, Crewe Advisors LLC increased its position in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Buying and Selling

In other news, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction 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. The trade was a 1.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Fariba Danesh sold 1,100 shares of the company’s stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total value of $259,974.00. Following the completion of the sale, the director directly owned 7,017 shares of the company’s stock, valued at approximately $1,658,397.78. This trade represents a 13.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 302,162 shares of company stock worth $70,897,646. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $236.50 on Friday. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The company has a market cap of $44.10 billion, a price-to-earnings ratio of 95.36, a price-to-earnings-growth ratio of 1.04 and a beta of 3.20. The firm has a 50 day simple moving average of $234.46 and a 200 day simple moving average of $169.58.

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CRDO shares. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 target price on the stock. JPMorgan Chase & Co. raised their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a report on Tuesday, June 2nd. Susquehanna boosted their price objective on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday. Bank of America upped their price objective on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Finally, Mizuho lifted their target price on 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 research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $266.17.

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.