BNP Paribas Financial Markets Boosts Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• BNP Paribas Financial Markets boosted its stake in Credo by 95.6% in Q3 to 1,166,630 shares—about 0.67% of the company—worth roughly $169.9 million.
• Credo posted a strong quarter, beating EPS estimates ($1.07 vs. $0.78) and generating $407.0M in revenue (up 201.5% YoY) with a 31.8% net margin and 29.6% return on equity.
• The stock has a market cap of $21.38B and a P/E of 64.39; analysts' consensus is a "Buy" with an average price target of $206.33, while insiders have sold ~423,085 shares in the past 90 days (insiders own 11.84%).

BNP Paribas Financial Markets boosted its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 95.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,166,630 shares of the company's stock after purchasing an additional 570,302 shares during the quarter. BNP Paribas Financial Markets owned approximately 0.67% of Credo Technology Group worth $169,873,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp purchased a new position in shares of Credo Technology Group in the third quarter worth $25,000. First Horizon Corp purchased a new position in Credo Technology Group during the third quarter valued at $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in Credo Technology Group during the second quarter valued at $27,000. Smartleaf Asset Management LLC increased its holdings in Credo Technology Group by 133.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company's stock valued at $38,000 after acquiring an additional 147 shares during the last quarter. Finally, Park Place Capital Corp bought a new stake in Credo Technology Group in the 3rd quarter valued at $41,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Up 3.2%

Shares of NASDAQ:CRDO opened at $115.91 on Thursday. The firm has a fifty day simple moving average of $127.91 and a two-hundred day simple moving average of $143.24. Credo Technology Group Holding Ltd. has a 52 week low of $29.09 and a 52 week high of $213.80. The stock has a market capitalization of $21.38 billion, a P/E ratio of 64.39 and a beta of 2.67.

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 (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.29. The firm had revenue of $407.01 million for the quarter, compared to analysts' expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business's revenue was up 201.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.25 EPS. On average, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analysts Set New Price Targets

CRDO has been the subject of several research reports. KGI Securities raised shares of Credo Technology Group from a "hold" rating to an "outperform" rating and set a $230.00 price objective for the company in a report on Tuesday, December 2nd. Rosenblatt Securities reduced their target price on Credo Technology Group from $170.00 to $125.00 and set a "neutral" rating on the stock in a report on Tuesday, March 3rd. Susquehanna decreased their target price on Credo Technology Group from $230.00 to $170.00 and set a "positive" rating on the stock in a research report on Tuesday, March 3rd. Barclays reissued an "overweight" rating and set a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. Finally, Roth Mkm cut their price target on Credo Technology Group from $250.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, February 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $206.33.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.37, for a total value of $3,502,675.00. Following the completion of the transaction, the chief technology officer owned 6,299,870 shares in the company, valued at approximately $802,414,441.90. The trade was a 0.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $128.67, for a total value of $241,256.25. Following the transaction, the director directly owned 5,892,034 shares in the company, valued at approximately $758,128,014.78. This represents a 0.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 423,085 shares of company stock valued at $59,514,322. Corporate insiders own 11.84% of the company's stock.

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.

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