Hsbc Holdings PLC Increases Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• HSBC increased its Credo Technology position by 50.2% in the second quarter, holding 100,602 shares worth approximately $27.3 million. Institutional investors collectively own 80.46% of CRDO.
• Credo reported quarterly EPS of $1.20, topping estimates of $1.17, while revenue reached $479 million—up 114.7% year over year and above expectations.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and a $267.39 price target, although CRDO shares opened at $167.75, down 1.7%; insiders sold roughly $88.3 million in stock during the quarter.

Hsbc Holdings PLC grew its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 50.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 100,602 shares of the company's stock after purchasing an additional 33,621 shares during the quarter. Hsbc Holdings PLC owned approximately 0.05% of Credo Technology Group worth $27,321,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Reflection Asset Management purchased a new position in Credo Technology Group in the fourth quarter valued at approximately $25,000. Acumen Wealth Advisors LLC purchased a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $25,000. Orion Capital Management LLC acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at $27,000. AlphaCentric Advisors LLC purchased a new position in shares of Credo Technology Group in the 1st quarter valued at $33,000. Finally, Van ECK Associates Corp acquired a new stake in Credo Technology Group during the 4th quarter worth $37,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group reissued a "buy" rating and issued a $250.00 price target on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Weiss Ratings cut Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday. Evercore set a $292.00 price target on Credo Technology Group in a research note on Wednesday, September 2nd. Bank of America cut their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a "buy" rating on the stock in a report on Wednesday, September 2nd. Finally, Stifel Nicolaus upped their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a "buy" rating in a report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $267.39.

Credo Technology Group Trading Down 1.7%

Shares of CRDO opened at $167.75 on Wednesday. The stock's 50 day moving average is $226.71 and its two-hundred day moving average is $190.08. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67. The firm has a market capitalization of $31.53 billion, a PE ratio of 59.70, a P/E/G ratio of 0.68 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The business had revenue of $479.00 million during the quarter, compared to analysts' expectations of $473.30 million. During the same period last year, the firm earned $0.52 EPS. The company's quarterly revenue was up 114.7% compared to the same quarter last year. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Lam sold 55,441 shares of the business's stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the sale, the chief operating officer directly owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,473 shares of the stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the transaction, the chief technology officer owned 5,772,397 shares of the company's stock, valued at $1,209,490,343.41. This represents a 0.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 376,784 shares of company stock valued at $88,299,791. 9.06% of the stock is owned by company insiders.

Credo Technology Group 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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