ASR Vermogensbeheer N.V. Makes New $1.68 Million Investment in Credo Technology Group Holding Ltd. $CRDO

Key Points

• ASR Vermogensbeheer N.V. opened a new position in Credo Technology Group during the fourth quarter, buying 11,678 shares worth about $1.68 million.
• Credo reported strong quarterly results, with EPS of $1.07 versus the $0.78 estimate and revenue of $407.01 million, up 201.5% year over year.
• Analyst sentiment remains positive overall: the stock has a Moderate Buy consensus rating and a consensus price target of $207.71, though some insiders recently sold shares.

ASR Vermogensbeheer N.V. bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 11,678 shares of the company's stock, valued at approximately $1,680,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Sequoia Financial Advisors LLC grew its stake in shares of Credo Technology Group by 46.8% in the fourth quarter. Sequoia Financial Advisors LLC now owns 3,958 shares of the company's stock worth $570,000 after purchasing an additional 1,262 shares in the last quarter. Swedbank AB grew its stake in shares of Credo Technology Group by 47.1% in the fourth quarter. Swedbank AB now owns 2,062,779 shares of the company's stock worth $296,813,000 after purchasing an additional 660,679 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Credo Technology Group by 199.6% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 237,941 shares of the company's stock worth $34,078,000 after purchasing an additional 158,523 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Credo Technology Group by 154.5% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 32,468 shares of the company's stock worth $4,672,000 after purchasing an additional 19,708 shares in the last quarter. Finally, SBI Securities Co. Ltd. grew its stake in shares of Credo Technology Group by 37.4% in the fourth quarter. SBI Securities Co. Ltd. now owns 14,510 shares of the company's stock worth $2,088,000 after purchasing an additional 3,951 shares in the last quarter. Institutional investors own 80.46% of the company's stock.

Get Credo Technology Group SMS alerts:

Sign Up

Credo Technology Group Price Performance

Shares of CRDO stock opened at $188.51 on Monday. The stock has a 50-day simple moving average of $130.21 and a 200 day simple moving average of $140.68. Credo Technology Group Holding Ltd. has a fifty-two week low of $49.67 and a fifty-two week high of $213.80. The stock has a market capitalization of $34.77 billion, a P/E ratio of 104.73 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share 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 business had revenue of $407.01 million during the quarter, compared to analysts' expectations of $385.94 million. During the same quarter last year, the business posted $0.25 earnings per share. The company's quarterly revenue was up 201.5% on a year-over-year basis. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were 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 in the company, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, 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 owned 6,272,370 shares in the company, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on CRDO. Mizuho decreased their price target on Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, March 3rd. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a report on Monday, April 13th. They issued a "buy" rating and a $175.00 price objective for the company. Zacks Research cut shares of Credo Technology Group from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Finally, Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a report on Friday, May 1st. They issued a "buy" rating and a $206.00 price objective for the company. One 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. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of "Moderate Buy" and a consensus price target of $207.71.

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.

Want to see what other hedge funds are holding CRDO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report).

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.