Blueshift Asset Management LLC Acquires New Stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Blueshift Asset Management LLC acquired a new stake in Credo Technology Group, purchasing 15,583 shares valued at approximately $626,000 during the first quarter.
• Institutional investors have significantly increased their holdings in Credo Technology Group, with firms like Alliancebernstein, Polar Capital Holdings, and Deutsche Bank reporting massive percentage increases in their stakes during the fourth quarter.
• Analysts have raised their price targets for Credo Technology Group, with Mizuho increasing its target from $81 to $98 and TD Cowen raising it from $85 to $95, indicating a positive outlook on the stock.

Blueshift Asset Management LLC bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 15,583 shares of the company's stock, valued at approximately $626,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Alliancebernstein L.P. lifted its stake in shares of Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after purchasing an additional 1,305,594 shares during the period. Polar Capital Holdings Plc increased its holdings in Credo Technology Group by 382.1% during the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock valued at $97,527,000 after buying an additional 1,150,084 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Credo Technology Group by 441.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after acquiring an additional 795,751 shares during the period. Bank of America Corp DE boosted its stake in shares of Credo Technology Group by 281.7% during the 4th quarter. Bank of America Corp DE now owns 391,446 shares of the company's stock worth $26,309,000 after acquiring an additional 606,850 shares during the last quarter. Finally, Deutsche Bank AG grew its position in shares of Credo Technology Group by 710.9% during the 4th quarter. Deutsche Bank AG now owns 623,332 shares of the company's stock valued at $41,894,000 after acquiring an additional 546,466 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CRDO has been the subject of several analyst reports. Mizuho upped their price objective on Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. TD Cowen upped their price target on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Wall Street Zen cut Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Barclays set a $85.00 target price on shares of Credo Technology Group and gave the stock an "overweight" rating in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $87.91.

Credo Technology Group Trading Down 3.8%

Shares of CRDO opened at $111.55 on Friday. The business's 50 day moving average is $85.53 and its 200 day moving average is $65.35. Credo Technology Group Holding Ltd. has a 12-month low of $22.50 and a 12-month high of $118.95. The company has a market capitalization of $19.15 billion, a PE ratio of 413.15, a price-to-earnings-growth ratio of 2.08 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The business had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same period last year, the firm posted $0.07 EPS. The company's revenue was up 179.6% on a year-over-year basis. Equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 59,641 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the completion of the transaction, the chief technology officer owned 7,603,961 shares in the company, valued at $569,992,916.56. This trade represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 171,473 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the sale, the director owned 613,725 shares in the company, valued at $47,809,177.50. This represents a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,021,264 shares of company stock valued at $86,032,061 over the last ninety days. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.

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