Federated Hermes Inc. Increases Stock Position in Credo Technology Group Holding Ltd. $CRDO

Federated Hermes Inc. raised its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 217.4% during the third quarter, Holdings Channel.com reports. The fund owned 406,837 shares of the company’s stock after purchasing an additional 278,668 shares during the quarter. Federated Hermes Inc.’s holdings in Credo Technology Group were worth $59,240,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its holdings in shares of Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after purchasing an additional 1,739,844 shares during the period. Alliancebernstein L.P. lifted its holdings in Credo Technology Group by 66.0% in the 2nd 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. 1832 Asset Management L.P. bought a new stake in shares of Credo Technology Group in the 2nd quarter worth approximately $82,479,000. Invesco Ltd. increased its stake in shares of Credo Technology Group by 160.7% during the second quarter. Invesco Ltd. now owns 1,118,119 shares of the company’s stock valued at $103,527,000 after buying an additional 689,202 shares during the period. Finally, FengHe Fund Management Pte. Ltd. purchased a new position in shares of Credo Technology Group during the second quarter valued at approximately $63,013,000. 80.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total value of $7,658,000.00. Following the sale, the chief executive officer directly owned 1,892,502 shares of the company’s stock, valued at approximately $289,855,606.32. The trade was a 2.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total value of $56,680,300.00. Following the transaction, the chief operating officer owned 400,000 shares of the company’s stock, valued at $61,276,000. The trade was a 48.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 822,460 shares of company stock worth $124,493,784. 11.84% of the stock is owned by insiders.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $129.47 on Friday. The firm has a market capitalization of $23.39 billion, a P/E ratio of 113.57 and a beta of 2.66. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80. The company’s 50-day simple moving average is $150.66 and its 200 day simple moving average is $141.38.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same quarter last year, the firm earned $0.07 earnings per share. The business’s revenue for the quarter was up 272.1% on a year-over-year basis. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on CRDO shares. Susquehanna lifted their price target on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. New Street Research set a $240.00 target price on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Rosenblatt Securities began coverage on shares of Credo Technology Group in a research report on Wednesday, January 21st. They set a “neutral” rating and a $170.00 price target on the stock. Barclays reissued an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. Finally, Needham & Company LLC upped their target price on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $216.54.

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.