ABN Amro Investment Solutions Takes $594,000 Position in Credo Technology Group Holding Ltd. $CRDO

ABN Amro Investment Solutions bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 1st quarter, according to its most recent 13F filing with the SEC. The firm bought 6,323 shares of the company's stock, valued at approximately $594,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Corient Private Wealth LLC lifted its position in Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock valued at $517,835,000 after acquiring an additional 3,597,318 shares in the last quarter. Amundi increased its holdings in Credo Technology Group by 28,478.2% during 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 in the last quarter. Janus Henderson Group PLC raised its stake in shares of Credo Technology Group by 841.9% in the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company's stock worth $228,979,000 after purchasing an additional 1,422,391 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its holdings in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock valued at $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Down 9.9%

Credo Technology Group stock opened at $213.15 on Friday. The firm has a market capitalization of $39.75 billion, a PE ratio of 85.95, a price-to-earnings-growth ratio of 0.97 and a beta of 3.20. The firm's 50 day simple moving average is $235.28 and its 200 day simple moving average is $169.88. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping 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 company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the previous year, the firm earned $0.20 earnings per share. Credo Technology Group's revenue was up 157.0% on a year-over-year basis. Research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Wall Street Analyst Weigh In

CRDO has been the subject of several recent research reports. The Goldman Sachs Group reiterated a "buy" rating and set a $250.00 price target on shares of Credo Technology Group in a report on Tuesday, June 2nd. Rothschild & Co Redburn started coverage on Credo Technology Group in a research note on Friday, May 1st. They set a "buy" rating and a $206.00 price objective on the stock. Weiss Ratings raised shares of Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday, May 26th. Susquehanna upped their target price on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a "positive" rating in a research note on Tuesday. Finally, Needham & Company LLC raised 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. 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 company. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $266.17.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 54,984 shares of the company's stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the sale, the chief executive officer directly owned 367,327 shares in the company, valued at $80,286,662.39. This represents a 13.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Daniel W. Fleming sold 40,000 shares of the firm's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares in the company, valued at $125,207,276.04. This trade represents a 7.38% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 302,162 shares of company stock valued at $70,897,646. Corporate insiders own 11.84% of the company's stock.

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.

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