OMERS ADMINISTRATION Corp Grows Position in Credo Technology Group Holding Ltd. $CRDO

OMERS ADMINISTRATION Corp grew its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 83.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,361 shares of the company’s stock after purchasing an additional 8,363 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Credo Technology Group were worth $1,724,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of CRDO. Mirae Asset Global Investments Co. Ltd. raised its holdings in Credo Technology Group by 9.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after buying an additional 23,332 shares during the last quarter. FengHe Fund Management Pte. Ltd. increased its position in shares of Credo Technology Group by 5.7% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after acquiring an additional 8,769 shares during the period. M&T Bank Corp raised its stake in shares of Credo Technology Group by 428.8% during the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock valued at $1,932,000 after acquiring an additional 10,888 shares during the last quarter. Teacher Retirement System of Texas raised its stake in shares of Credo Technology Group by 486.2% during the fourth quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock valued at $34,493,000 after acquiring an additional 198,826 shares during the last quarter. Finally, TimesSquare Capital Management LLC boosted its holdings in shares of Credo Technology Group by 5.5% during the fourth quarter. TimesSquare Capital Management LLC now owns 264,181 shares of the company’s stock worth $38,013,000 after purchasing an additional 13,881 shares during the period. 80.46% of the stock is owned by institutional investors.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated 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 owned 5,799,870 shares in the company, valued at approximately $1,192,105,279.80. This represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the transaction, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% decrease in their position. 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. Insiders have sold 329,662 shares of company stock worth $77,732,771 in the last three months. 11.84% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of research analyst reports. Roth Capital boosted their price target on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Rothschild & Co Redburn began coverage on Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 target price on the stock. Rosenblatt Securities upped their target price on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Needham & Company LLC raised their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Finally, Evercore started coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price target for the company. Two 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 stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $266.17.

Key Headlines Impacting Credo Technology Group

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

• Positive Sentiment: A Seeking Alpha analysis argued that the CRDO sell-off looks overblown, pointing to the company’s strong AI-related growth prospects and suggesting the recent weakness may create an attractive entry point. Credo Stock Sell-Off Looks Overblown
• Positive Sentiment: Credo was included in Zacks’ Rank #1 (Strong Buy) growth-stock list, reinforcing favorable near-term analyst sentiment. Best Growth Stocks to Buy for July 28th
• Positive Sentiment: Analyst coverage remains supportive, with a broad “Buy” consensus and price targets above recent trading levels. The company’s latest reported quarter also showed 157% year-over-year revenue growth, earnings above expectations, and a 35.37% net margin.
• Neutral Sentiment: Credo’s chief technology officer, Chi Fung Cheng, sold 27,500 shares for approximately $5.65 million at an average price of $205.54 on July 27. The sale reduced his holdings by only 0.47%, and it was conducted under a pre-arranged Rule 10b5-1 plan. SEC insider transaction filing
• Negative Sentiment: The CTO has made several scheduled sales in recent months, including another 27,500-share transaction on July 21. While the transactions appear routine and he still owns roughly 5.8 million shares, repeated insider selling can weigh on sentiment, particularly after CRDO’s significant run-up.
• Negative Sentiment: MarketBeat characterized Credo among AI stocks undergoing a summer pullback. Investors may be locking in gains across the AI and semiconductor sector despite continued data-center spending and intact long-term growth catalysts. 5 AI Stocks Are Pulling Back

Credo Technology Group Trading Down 7.7%

CRDO opened at $177.50 on Thursday. The company has a market cap of $33.10 billion, a price-to-earnings ratio of 71.57, a price-to-earnings-growth ratio of 0.88 and a beta of 3.20. The stock has a fifty day simple moving average of $236.68 and a two-hundred day simple moving average of $171.23. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million for 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 company’s quarterly revenue was up 157.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.20 EPS. On average, analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Credo Technology Group 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.