Allstate Corp Purchases Shares of 11,706 Credo Technology Group Holding Ltd. $CRDO

Allstate Corp purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 11,706 shares of the company’s stock, valued at approximately $1,684,000.

A number of other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Credo Technology Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after buying an additional 59,849 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock worth $1,121,118,000 after buying an additional 1,190,522 shares in the last quarter. Alliancebernstein L.P. grew its position in 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 last quarter. Bank of America Corp DE grew its position in 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 last quarter. Finally, Swedbank AB grew its position in Credo Technology Group by 47.1% during the 4th quarter. Swedbank AB now owns 2,062,779 shares of the company’s stock worth $296,813,000 after acquiring an additional 660,679 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO William Joseph Brennan sold 6,149 shares of the firm’s stock in a transaction on Sunday, April 5th. The stock was sold at an average price of $101.45, for a total transaction of $623,816.05. Following the sale, the chief executive officer owned 222,311 shares of the company’s stock, valued at approximately $22,553,450.95. This trade represents a 2.69% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $178.99, for a total value of $4,922,225.00. Following the sale, the chief technology officer directly owned 6,024,870 shares in the company, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of research analyst reports. Jefferies Financial Group initiated coverage on Credo Technology Group in a research report on Monday, April 13th. They set a “buy” rating and a $175.00 price target on the stock. Rosenblatt Securities increased their price target on Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Mizuho decreased their price target on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Craig Hallum restated a “buy” rating and set a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a research report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $210.65.

Credo Technology Group Stock Up 0.5%

NASDAQ:CRDO opened at $222.35 on Friday. Credo Technology Group Holding Ltd. has a 12-month low of $59.21 and a 12-month high of $233.70. The firm has a market capitalization of $41.01 billion, a P/E ratio of 123.53 and a beta of 3.17. The stock’s fifty day simple moving average is $155.48 and its 200-day simple moving average is $144.34.

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