Credo Technology Group Holding Ltd. $CRDO Shares Purchased by FengHe Fund Management Pte. Ltd.

Key Points

• FengHe Fund Management lifted its stake in Credo Technology Group (CRDO) by 5.7% to 162,269 shares (~$23.35M), making it the firm's 23rd-largest holding, while institutional investors own roughly 80.46% of the company.
• Credo posted a strong quarter—EPS $1.07 vs. $0.78 estimate and revenue $407.0M (up 201.5% YoY)—but the stock is down 7.5% and insiders have sold 428,999 shares (~$52.95M) over the past three months.

FengHe Fund Management Pte. Ltd. lifted its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 5.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 162,269 shares of the company's stock after acquiring an additional 8,769 shares during the quarter. Credo Technology Group accounts for 1.3% of FengHe Fund Management Pte. Ltd.'s holdings, making the stock its 23rd biggest position. FengHe Fund Management Pte. Ltd. owned approximately 0.09% of Credo Technology Group worth $23,349,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Savant Capital LLC increased its stake in shares of Credo Technology Group by 0.7% in the third quarter. Savant Capital LLC now owns 9,914 shares of the company's stock worth $1,444,000 after acquiring an additional 68 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Credo Technology Group by 16.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company's stock worth $80,000 after acquiring an additional 77 shares during the period. Illinois Municipal Retirement Fund increased its stake in shares of Credo Technology Group by 0.6% in the third quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company's stock worth $2,298,000 after acquiring an additional 91 shares during the period. Versant Capital Management Inc increased its stake in shares of Credo Technology Group by 18.0% in the third quarter. Versant Capital Management Inc now owns 663 shares of the company's stock worth $97,000 after acquiring an additional 101 shares during the period. Finally, Spirepoint Private Client LLC grew its position in Credo Technology Group by 6.6% during the fourth quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company's stock valued at $243,000 after buying an additional 105 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Down 7.5%

CRDO opened at $180.50 on Tuesday. The company has a market cap of $33.29 billion, a price-to-earnings ratio of 100.28 and a beta of 2.72. Credo Technology Group Holding Ltd. has a 52-week low of $40.17 and a 52-week high of $213.80. The firm's fifty day simple moving average is $123.33 and its two-hundred day simple moving average is $138.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data 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 business had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company's revenue was up 201.5% compared to the same quarter last year. During the same period last year, the firm posted $0.25 earnings per share. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Mizuho dropped their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 3rd. Barclays restated an "overweight" rating and set a $260.00 price target on shares of Credo Technology Group in a research report on Thursday, January 15th. Susquehanna decreased their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a "positive" rating on the stock in a report on Tuesday, March 3rd. Rosenblatt Securities increased their price objective on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a "neutral" rating in a report on Wednesday, April 15th. Finally, Weiss Ratings downgraded shares of Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $207.81.

Insider Activity

In other news, CEO William Joseph Brennan sold 50,000 shares of the firm's stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the completion of the transaction, the chief technology officer directly owned 6,299,870 shares in the company, valued at approximately $802,414,441.90. This represents a 0.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 428,999 shares of company stock worth $52,946,445. 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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