Arrowstreet Capital Limited Partnership Has $7.09 Million Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Arrowstreet Capital increased its Credo Technology Group position by 134.5% in the first quarter, holding 75,540 shares valued at approximately $7.09 million. Institutional investors collectively own 80.46% of the company.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $266.17; recent targets were raised to as high as $300.
• Credo reported quarterly EPS of $1.16 versus the $1.02 consensus estimate, while revenue rose 157% year over year to $437 million. Insiders, however, sold 302,162 shares worth about $72.8 million during the latest quarter.

Arrowstreet Capital Limited Partnership lifted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 134.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 75,540 shares of the company's stock after purchasing an additional 43,326 shares during the quarter. Arrowstreet Capital Limited Partnership's holdings in Credo Technology Group were worth $7,091,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. NewEdge Advisors LLC raised its stake in shares of Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock valued at $284,000 after acquiring an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after acquiring an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company's stock valued at $12,480,000 after purchasing an additional 7,107 shares in the last quarter. CW Advisors LLC acquired a new stake in Credo Technology Group during the 2nd quarter valued at $288,000. Finally, EverSource Wealth Advisors LLC raised its position in Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock valued at $46,000 after purchasing an additional 333 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CRDO. Zacks Research raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 19th. Barclays upped their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. Wall Street Zen cut shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday. Weiss Ratings upgraded shares of Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, May 26th. Finally, Jefferies Financial Group raised their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $266.17.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $206.99 on Friday. The stock has a market cap of $38.60 billion, a price-to-earnings ratio of 83.46, a PEG ratio of 0.95 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The business has a 50 day simple moving average of $236.60 and a 200 day simple moving average of $171.84.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same quarter last year, the business posted $0.20 EPS. The company's revenue for the quarter was up 157.0% on a year-over-year basis. On average, analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the completion of the transaction, the chief technology officer directly owned 5,799,870 shares of the company's stock, valued at approximately $1,192,105,279.80. This represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the transaction, the chief financial officer directly owned 504,708 shares of the company's stock, valued at $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 302,162 shares of company stock worth $72,810,546 over the last quarter. Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.