Mitsubishi UFJ Asset Management Co. Ltd. Grows Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 45.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 66,710 shares of the company's stock after purchasing an additional 20,710 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.'s holdings in Credo Technology Group were worth $2,679,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CRDO. Wells Fargo & Company MN boosted its stake in shares of Credo Technology Group by 176.2% during the 4th quarter. Wells Fargo & Company MN now owns 133,237 shares of the company's stock worth $8,955,000 after purchasing an additional 85,006 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Credo Technology Group by 14.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 73,634 shares of the company's stock worth $4,949,000 after purchasing an additional 9,131 shares during the period. Cerity Partners LLC purchased a new stake in Credo Technology Group in the 4th quarter valued at about $335,000. Invesco Ltd. grew its stake in Credo Technology Group by 589.7% in the 4th quarter. Invesco Ltd. now owns 535,684 shares of the company's stock worth $36,003,000 after acquiring an additional 458,015 shares in the last quarter. Finally, Legal & General Group Plc grew its stake in Credo Technology Group by 15.3% in the 4th quarter. Legal & General Group Plc now owns 157,248 shares of the company's stock worth $10,569,000 after acquiring an additional 20,891 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $107.12, for a total transaction of $5,891,600.00. Following the completion of the sale, the chief technology officer owned 7,108,961 shares of the company's stock, valued at $761,511,902.32. This represents a 0.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William Joseph Brennan sold 46,444 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 transaction of $4,963,470.28. Following the sale, the chief executive officer directly owned 393,338 shares of the company's stock, valued at $42,036,032.06. The trade was a 10.56% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,274,583 shares of company stock worth $113,118,257. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Stock Performance

Shares of CRDO opened at $125.38 on Wednesday. The company has a 50 day moving average price of $95.05 and a 200-day moving average price of $67.64. Credo Technology Group Holding Ltd. has a fifty-two week low of $24.08 and a fifty-two week high of $125.44. The stock has a market capitalization of $21.52 billion, a PE ratio of 464.37, a PEG ratio of 2.13 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The firm had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same quarter in the prior year, the company earned $0.07 EPS. The company's revenue was up 179.6% compared to the same quarter last year. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research analyst reports. TD Cowen upped their target price on shares of Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Needham & Company LLC upped their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Wall Street Zen downgraded shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Finally, Cowen restated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $87.91.

Credo Technology Group Company 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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