59,793 Credo Technology Group Holding Ltd. $CRDO Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its Credo Technology Group stake by 1,020.4% in the third quarter, purchasing 59,793 additional shares and bringing its holdings to 65,653 shares valued at approximately $12.8 million.
• Credo reported quarterly EPS of $1.20, exceeding the $1.17 consensus estimate, while revenue rose 114.7% year over year to $479 million. Institutional investors and hedge funds own 80.46% of the company.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $262.67, although several firms recently lowered their targets. Meanwhile, company insiders sold $88.9 million in shares over the past three months.

Assenagon Asset Management S.A. raised its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 1,020.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 65,653 shares of the company's stock after acquiring an additional 59,793 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Credo Technology Group were worth $12,789,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of America Corp DE increased its stake in Credo Technology Group by 13.7% in the 2nd quarter. Bank of America Corp DE now owns 2,182,764 shares of the company's stock valued at $593,603,000 after buying an additional 262,479 shares during the last quarter. Atreides Management LP boosted its stake in shares of Credo Technology Group by 3.5% during the 2nd quarter. Atreides Management LP now owns 1,129,285 shares of the company's stock worth $307,109,000 after buying an additional 38,052 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Credo Technology Group by 192.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company's stock worth $98,290,000 after buying an additional 688,596 shares during the last quarter. Value Aligned Research Advisors LLC acquired a new position in shares of Credo Technology Group during the 2nd quarter worth about $91,919,000. Finally, Zevenbergen Capital Investments LLC grew its holdings in shares of Credo Technology Group by 4.9% in the 3rd quarter. Zevenbergen Capital Investments LLC now owns 418,991 shares of the company's stock valued at $81,615,000 after acquiring an additional 19,685 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 1.8%

NASDAQ:CRDO opened at $172.81 on Tuesday. The stock's 50 day moving average price is $203.09 and its two-hundred day moving average price is $206.21. The firm has a market capitalization of $32.48 billion, a price-to-earnings ratio of 57.33, a P/E/G ratio of 0.68 and a beta of 3.25. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The company had revenue of $479.00 million during the quarter, compared to analysts' expectations of $473.30 million. During the same period last year, the firm posted $0.52 earnings per share. The business's revenue was up 114.7% on a year-over-year basis. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on CRDO shares. Stifel Nicolaus lowered their target price on Credo Technology Group from $350.00 to $310.00 and set a "buy" rating on the stock in a research report on Monday, October 5th. Mizuho reduced their price target on Credo Technology Group from $290.00 to $245.00 and set an "outperform" rating for the company in a research report on Monday, September 21st. Barclays increased their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an "overweight" rating in a research report on Monday, July 20th. Susquehanna raised their price target on Credo Technology Group from $235.00 to $250.00 and gave the company a "positive" rating in a research note on Tuesday, July 21st. Finally, Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Credo Technology Group currently has an average rating of "Moderate Buy" and a consensus price target of $262.67.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Lam sold 55,441 shares of Credo Technology Group stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the transaction, the chief operating officer directly owned 2,529,169 shares of the company's stock, valued at $538,763,580.38. The trade was a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $193.93, for a total transaction of $5,333,075.00. Following the transaction, the chief technology officer directly owned 5,662,397 shares of the company's stock, valued at approximately $1,098,108,650.21. This trade represents a 0.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 441,286 shares of company stock worth $88,910,653 over the last three months. 9.06% of the stock is owned by insiders.

Credo Technology Group Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company's portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.

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