Broad Peak Investment Advisers Pte Ltd Has $6.34 Million Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Broad Peak Investment Advisers Pte Ltd trimmed its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 8.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 67,500 shares of the company’s stock after selling 6,500 shares during the quarter. Credo Technology Group makes up 1.3% of Broad Peak Investment Advisers Pte Ltd’s holdings, making the stock its 17th biggest holding. Broad Peak Investment Advisers Pte Ltd’s holdings in Credo Technology Group were worth $6,336,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Corient Private Wealth LLC raised its holdings in Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares during the last quarter. Amundi lifted its position in shares of Credo Technology Group by 28,478.2% in the 4th quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after purchasing an additional 1,554,338 shares during the period. Janus Henderson Group PLC boosted its stake in shares of Credo Technology Group by 841.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock valued at $228,979,000 after purchasing an additional 1,422,391 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after purchasing an additional 1,406,752 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after buying an additional 1,218,504 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $270.94, for a total value of $7,450,850.00. Following the transaction, the chief technology officer directly owned 5,937,370 shares of the company’s stock, valued at approximately $1,608,671,027.80. This trade represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a 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, Director Fariba Danesh sold 1,100 shares of the firm’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total transaction of $259,974.00. Following the completion of the transaction, the director directly owned 7,017 shares in the company, valued at $1,658,397.78. This trade represents a 13.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 389,384 shares of company stock worth $74,982,168 in the last quarter. Insiders own 11.84% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on CRDO. Roth Mkm lifted their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Needham & Company LLC upped their price target 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. Bank of America lifted their price objective on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 price objective on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Finally, Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $263.11.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $245.68 on Tuesday. Credo Technology Group Holding Ltd. has a 52-week low of $84.25 and a 52-week high of $308.67. The business’s 50 day simple moving average is $214.77 and its two-hundred day simple moving average is $157.64. The firm has a market cap of $45.81 billion, a P/E ratio of 99.06, a PEG ratio of 1.09 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the previous year, the company posted $0.20 earnings per share. The company’s quarterly revenue was up 157.0% on a year-over-year basis. On average, equities analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share 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.