Bank of New York Mellon Corp Acquires 94,455 Shares of Credo Technology Group Holding Ltd. $CRDO

Bank of New York Mellon Corp lifted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 16.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 661,280 shares of the company’s stock after buying an additional 94,455 shares during the period. Bank of New York Mellon Corp’s holdings in Credo Technology Group were worth $95,152,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of CRDO. Bank of America Corp DE grew its holdings in shares of Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the period. Rafferty Asset Management LLC purchased a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $183,553,000. Alliancebernstein L.P. grew its holdings in shares of 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 acquiring an additional 1,218,504 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Credo Technology Group by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after acquiring an additional 1,190,522 shares during the period. Finally, Marshall Wace LLP grew its holdings in shares of Credo Technology Group by 2,537.7% during the 3rd quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock worth $167,452,000 after acquiring an additional 1,106,401 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CRDO. Stifel Nicolaus set a $250.00 price target on Credo Technology Group in a report on Wednesday, May 27th. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. The Goldman Sachs Group reissued a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Finally, Susquehanna increased their price objective on shares of Credo Technology Group from $200.00 to $235.00 and gave the company a “positive” rating in a research report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $248.41.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 386,608 shares of company stock valued at $50,371,351 in the last three months. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Stock Up 7.4%

Shares of Credo Technology Group stock opened at $222.27 on Tuesday. The firm has a market cap of $41.00 billion, a price-to-earnings ratio of 89.63, a PEG ratio of 1.34 and a beta of 3.22. The business has a 50-day moving average price of $172.17 and a 200-day moving average price of $147.79. Credo Technology Group Holding Ltd. has a twelve month low of $66.75 and a twelve month high of $245.95.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The business had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the previous year, the business earned $0.20 earnings per share. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. On average, equities analysts expect that Credo Technology Group Holding Ltd. will post 3.93 EPS for the current fiscal 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.