KBC Group NV Acquires 5,377 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• KBC Group NV boosted its stake in Credo Technology Group by 30.4% in the first quarter, buying 5,377 additional shares and bringing its total holdings to 23,051 shares worth about $2.16 million.
• Wall Street remains broadly bullish on CRDO, with multiple analysts raising price targets and the stock carrying a consensus “Buy” rating and average target price of $266.17.
• Credo’s recent results were strong: the company reported EPS of $1.16 versus the $1.02 consensus, revenue rose 157% year over year to $437 million, though the stock was noted as trading down 9.9% on the day.

KBC Group NV increased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 30.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,051 shares of the company's stock after acquiring an additional 5,377 shares during the period. KBC Group NV's holdings in Credo Technology Group were worth $2,164,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Credo Technology Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company's stock valued at $2,386,449,000 after purchasing an additional 59,849 shares during the last quarter. State Street Corp increased its position in shares of Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company's stock valued at $645,537,000 after purchasing an additional 849,654 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Credo Technology Group by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company's stock valued at $555,117,000 after purchasing an additional 184,676 shares during the last quarter. Corient Private Wealth LLC increased its position in shares of Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock valued at $517,835,000 after purchasing an additional 3,597,318 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock valued at $283,778,000 after buying an additional 1,218,504 shares during the period. 80.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

CRDO has been the subject of a number of analyst reports. Susquehanna raised their price target on Credo Technology Group from $235.00 to $250.00 and gave the stock a "positive" rating in a research report on Tuesday. Weiss Ratings raised shares of Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, May 26th. Zacks Research upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 19th. Jefferies Financial Group raised their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Finally, Bank of America lifted their price target on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $266.17.

Insider Activity at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares of the company's stock, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sylvia Acevedo sold 2,208 shares of the business's stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $211.00, for a total value of $465,888.00. Following the completion of the sale, the director owned 16,337 shares of the company's stock, valued at $3,447,107. The trade was a 11.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 302,162 shares of company stock valued at $70,897,646 in the last quarter. Corporate insiders own 11.84% of the company's stock.

Credo Technology Group Trading Down 9.9%

Shares of CRDO opened at $213.15 on Friday. The firm has a market capitalization of $39.75 billion, a P/E ratio of 85.95, a P/E/G ratio of 1.08 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The firm has a fifty day moving average price of $235.28 and a 200-day moving average price of $169.88.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm had revenue of $437.00 million for the quarter, compared to analysts' expectations of $431.80 million. During the same period in the prior year, the business posted $0.20 earnings per share. The business's revenue for the quarter was up 157.0% on a year-over-year basis. Analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

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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