Candriam S.C.A. Acquires Shares of 728,525 Credo Technology Group Holding Ltd. $CRDO

Key Points

• Candriam S.C.A. acquired a new stake in Credo Technology Group worth approximately $29.26 million by buying 728,525 shares in the first quarter.
• Several institutional investors, including Teacher Retirement System of Texas and Janney Montgomery Scott LLC, have dramatically increased their positions in Credo Technology Group, indicating strong institutional interest.
• Analysts have upgraded their price targets for Credo Technology Group, with estimates reaching as high as $115, suggesting a positive outlook for the company.

Candriam S.C.A. purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 728,525 shares of the company's stock, valued at approximately $29,258,000. Candriam S.C.A. owned approximately 0.43% of Credo Technology Group at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Operose Advisors LLC increased its stake in Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after purchasing an additional 252 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Credo Technology Group during the 1st quarter valued at $27,000. Harbour Investments Inc. bought a new stake in Credo Technology Group during the 1st quarter valued at $29,000. Optimum Investment Advisors bought a new stake in shares of Credo Technology Group in the 1st quarter worth $52,000. Finally, Larson Financial Group LLC grew its stake in shares of Credo Technology Group by 21.5% in the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after acquiring an additional 245 shares in the last quarter. Institutional investors own 80.46% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Barclays set a $85.00 target price on shares of Credo Technology Group and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. TD Cowen upped their target price on shares of Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Roth Capital set a $95.00 target price on shares of Credo Technology Group and gave the stock a "buy" rating in a research note on Friday, June 13th. Finally, Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. One analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $91.27.

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 150,000 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the sale, the chief executive officer directly owned 2,061,978 shares of the company's stock, valued at $220,363,588.86. This represents a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 59,641 shares of the company's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the sale, the chief technology officer directly owned 7,603,961 shares in the company, valued at approximately $569,992,916.56. This trade represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,274,583 shares of company stock valued at $113,118,257. 16.04% of the stock is owned by insiders.

Credo Technology Group Trading Up 2.9%

Shares of NASDAQ:CRDO traded up $3.18 during midday trading on Friday, reaching $114.04. The company had a trading volume of 4,811,275 shares, compared to its average volume of 3,977,071. The company's 50 day moving average price is $101.64 and its 200 day moving average price is $70.26. The stock has a market cap of $19.57 billion, a P/E ratio of 422.37, a P/E/G ratio of 2.05 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 52-week low of $24.08 and a 52-week high of $128.56.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The company had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The firm's quarterly revenue was up 179.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.07 EPS. Credo Technology Group has set its Q1 2026 guidance at EPS. Research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Credo Technology Group 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.