Bessemer Group Inc. Has $17.42 Million Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Bessemer Group Inc. lessened its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 3.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 121,024 shares of the company’s stock after selling 4,164 shares during the quarter. Bessemer Group Inc. owned about 0.07% of Credo Technology Group worth $17,416,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CRDO. Savant Capital LLC grew its holdings in shares of Credo Technology Group by 0.7% during the third quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock worth $1,444,000 after buying an additional 68 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Credo Technology Group by 16.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after buying an additional 77 shares in the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of Credo Technology Group by 0.6% during the third quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after buying an additional 91 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of Credo Technology Group by 18.0% during the third quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock worth $97,000 after buying an additional 101 shares in the last quarter. Finally, Spirepoint Private Client LLC grew its holdings in shares of Credo Technology Group by 6.6% during the fourth quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock worth $243,000 after buying an additional 105 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $172.17 on Friday. The stock has a 50 day moving average price of $139.79 and a 200 day moving average price of $142.52. Credo Technology Group Holding Ltd. has a 52 week low of $57.21 and a 52 week high of $213.80. The stock has a market capitalization of $31.76 billion, a PE ratio of 95.65 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. During the same period in the prior year, the firm posted $0.25 earnings per share. The business’s quarterly revenue was up 201.5% compared to the same quarter last year. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 386,608 shares of company stock valued at $50,371,351 over the last quarter. 11.84% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Weiss Ratings downgraded Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, April 24th. The Goldman Sachs Group increased their price target on Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Jefferies Financial Group assumed coverage on Credo Technology Group in a research report on Monday, April 13th. They set a “buy” rating and a $175.00 price target for the company. Rosenblatt Securities increased their price target on Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Finally, Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $207.71.

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.