Mirae Asset Global Investments Co. Ltd. Boosts Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Mirae Asset Global Investments Co. Ltd. significantly increased its stake in Credo Technology Group by 1,261.3% during the second quarter, owning 9,216 shares valued at approximately $853,000.
• In recent insider trading, COO Yat Tung Lam sold 80,000 shares for over $11 million, and CEO William Joseph Brennan sold 150,000 shares for about $16 million, totaling a combined decrease in their holdings.
• Analysts have set positive forecasts for Credo Technology Group, with Mizuho raising the target price from $135.00 to $155.00 and Roth Capital maintaining a $170.00 target, indicating a consensus rating of “Buy”.

Mirae Asset Global Investments Co. Ltd. lifted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 1,261.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,216 shares of the company's stock after purchasing an additional 8,539 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Credo Technology Group were worth $853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also bought and sold shares of CRDO. GAMMA Investing LLC raised its position in Credo Technology Group by 8,072.2% in the 1st quarter. GAMMA Investing LLC now owns 79,597 shares of the company's stock worth $3,197,000 after buying an additional 78,623 shares during the last quarter. Harbor Capital Advisors Inc. purchased a new position in Credo Technology Group in the 1st quarter worth about $1,759,000. Handelsbanken Fonder AB raised its position in Credo Technology Group by 7.3% in the 1st quarter. Handelsbanken Fonder AB now owns 35,400 shares of the company's stock worth $1,422,000 after buying an additional 2,400 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in Credo Technology Group in the 1st quarter worth about $301,000. Finally, Janney Montgomery Scott LLC raised its position in Credo Technology Group by 27.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock worth $270,000 after buying an additional 1,467 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insider Activity

In other news, COO Yat Tung Lam sold 80,000 shares of the stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $143.53, for a total transaction of $11,482,400.00. Following the completion of the transaction, the chief operating officer directly owned 920,000 shares in the company, valued at approximately $132,047,600. This represents a 8.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 150,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $106.87, for a total value of $16,030,500.00. Following the transaction, the chief executive officer 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 884,601 shares of company stock worth $115,510,924. 11.84% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. William Blair assumed coverage on Credo Technology Group in a research report on Thursday, September 18th. They issued an "outperform" rating for the company. Mizuho boosted their target price on Credo Technology Group from $135.00 to $155.00 and gave the stock an "outperform" rating in a research report on Thursday, September 4th. Roth Capital reaffirmed a "buy" rating and set a $170.00 price target on shares of Credo Technology Group in a research report on Tuesday, September 30th. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research report on Thursday, September 4th. Finally, Wall Street Zen raised shares of Credo Technology Group from a "hold" rating to a "buy" rating in a research report on Sunday, September 28th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $128.55.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $151.15 on Friday. The company has a market capitalization of $26.15 billion, a P/E ratio of 225.60 and a beta of 2.60. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $176.70. The stock has a 50 day moving average price of $136.00 and a 200-day moving average price of $90.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). The firm had revenue of $223.07 million for the quarter, compared to the consensus estimate of $190.63 million. Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The firm's revenue was up 273.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.04 earnings per share. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, equities analysts predict 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.

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