Clearbridge Investments LLC Has $93.05 Million Stock Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Clearbridge Investments increased its Credo Technology Group stake by 24.3% in the fourth quarter, ending with 646,639 shares valued at about $93.0 million.
• Credo’s stock has attracted broad institutional interest, with several large investors boosting positions and 80.46% of shares now held by institutions and hedge funds.
• The company recently posted strong results, beating EPS expectations and reporting 157% revenue growth year over year, while analysts have mostly turned bullish and lifted price targets.

Clearbridge Investments LLC raised its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 24.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 646,639 shares of the company's stock after purchasing an additional 126,423 shares during the quarter. Clearbridge Investments LLC owned 0.36% of Credo Technology Group worth $93,045,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in CRDO. Bank of America Corp DE boosted its holdings in Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock valued at $331,710,000 after purchasing an additional 1,406,752 shares in the last quarter. Rafferty Asset Management LLC acquired a new stake in Credo Technology Group during the third quarter valued at approximately $183,553,000. Alliancebernstein L.P. boosted its holdings in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock valued at $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company's stock valued at $1,121,118,000 after purchasing an additional 1,190,522 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in shares of Credo Technology Group by 2,537.7% in the 3rd quarter. Marshall Wace LLP now owns 1,150,000 shares of the company's stock worth $167,452,000 after acquiring an additional 1,106,401 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the company's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. This represents a 2.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the company's stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. This represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 386,608 shares of company stock worth $50,371,351. Company insiders own 11.84% of the company's stock.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $222.27 on Tuesday. The stock's fifty day moving average price is $172.17 and its two-hundred day moving average price is $147.79. Credo Technology Group Holding Ltd. has a 52-week low of $66.75 and a 52-week high of $245.95. The company has a market cap of $41.00 billion, a price-to-earnings ratio of 89.63, a P/E/G ratio of 1.34 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) 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 firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the business earned $0.20 EPS. The business's revenue for the quarter was up 157.0% compared to the same quarter last year. On average, equities analysts predict that Credo Technology Group Holding Ltd. will post 3.93 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Susquehanna boosted their target price on Credo Technology Group from $200.00 to $235.00 and gave the stock a "positive" rating in a report on Tuesday, June 2nd. Mizuho boosted their target price on Credo Technology Group from $260.00 to $290.00 and gave the stock an "outperform" rating in a report on Tuesday, June 2nd. Jefferies Financial Group boosted their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Zacks Research raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 19th. Finally, TD Cowen boosted their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. One 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 company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $248.41.

About Credo Technology Group

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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