Bank of New York Mellon Corp Buys 94,455 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Bank of New York Mellon increased its stake in Credo Technology Group by 16.7% in the fourth quarter, buying 94,455 shares and lifting its holdings to 661,280 shares valued at about $95.2 million.
• Credo reported strong quarterly results, posting $1.16 EPS versus the $1.02 estimate and $437 million in revenue, up 157% year over year.
• Analyst sentiment remains bullish, with several firms raising price targets; the stock has a Moderate Buy consensus and an average target of $248.41.

Bank of New York Mellon Corp increased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 16.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 661,280 shares of the company's stock after purchasing an additional 94,455 shares during the period. Bank of New York Mellon Corp owned approximately 0.37% of Credo Technology Group worth $95,152,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Goldman Sachs Group Inc. raised its position in Credo Technology Group by 11.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,021,020 shares of the company's stock valued at $290,805,000 after buying an additional 203,462 shares during the last quarter. Main Management ETF Advisors LLC raised its holdings in shares of Credo Technology Group by 1.0% in the fourth quarter. Main Management ETF Advisors LLC now owns 22,707 shares of the company's stock valued at $3,267,000 after purchasing an additional 232 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $7,028,000. Mitchell Capital Management Co. lifted its position in shares of Credo Technology Group by 126.0% in the fourth quarter. Mitchell Capital Management Co. now owns 17,385 shares of the company's stock worth $2,502,000 after purchasing an additional 9,691 shares in the last quarter. Finally, Gulf International Bank UK Ltd bought a new stake in shares of Credo Technology Group in the fourth quarter worth $1,195,000. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

CRDO opened at $222.27 on Tuesday. The business has a fifty day simple moving average of $172.17 and a 200 day simple moving average of $147.79. The company has a market capitalization of $41.00 billion, a PE ratio of 89.63, a price-to-earnings-growth ratio of 1.34 and a beta of 3.22. Credo Technology Group Holding Ltd. has a 1 year low of $66.75 and a 1 year high of $245.95.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period in the prior year, the company earned $0.20 EPS. Credo Technology Group's revenue for the quarter was up 157.0% on a year-over-year basis. Equities analysts anticipate that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research reports. Bank of America boosted their price objective on shares of Credo Technology Group from $210.00 to $252.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Jefferies Financial Group boosted their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They issued a "buy" rating and a $206.00 price objective on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an "overweight" rating in a research report on Tuesday, June 2nd. Finally, Rosenblatt Securities boosted their price target on Credo Technology Group from $175.00 to $215.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $248.41.

Insider Buying and Selling

In other Credo Technology Group news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction that occurred on Tuesday, April 14th. The stock was sold at an average price of $152.63, for a total value of $1,156,935.40. Following the transaction, the chief financial officer owned 433,678 shares in the company, valued at approximately $66,192,273.14. This represents a 1.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 6,149 shares of the stock in a transaction that occurred on Sunday, April 5th. The stock was sold at an average price of $101.45, for a total value of $623,816.05. Following the completion of the transaction, the chief executive officer owned 222,311 shares in the company, valued at approximately $22,553,450.95. The trade was a 2.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 386,608 shares of company stock worth $50,371,351. 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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