Mitsubishi UFJ Asset Management Co. Ltd. Raises Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Mitsubishi UFJ Asset Management increased its stake in Credo Technology Group by 199.6% in the fourth quarter, ending with 237,941 shares valued at about $34.1 million.
• Credo reported strong quarterly results, posting EPS of $1.07 versus the expected $0.78 and revenue of $407.0 million, up 201.5% year over year.
• Despite the upbeat results, insider selling continued, including recent share sales by James Laufman and CTO Chi Fung Cheng; over the past 90 days, insiders have sold 386,608 shares worth about $50.4 million.

Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 199.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 237,941 shares of the company's stock after purchasing an additional 158,523 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.13% of Credo Technology Group worth $34,078,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Credo Technology Group by 154.5% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 32,468 shares of the company's stock worth $4,672,000 after purchasing an additional 19,708 shares in the last quarter. SBI Securities Co. Ltd. grew its holdings in shares of Credo Technology Group by 37.4% during the fourth quarter. SBI Securities Co. Ltd. now owns 14,510 shares of the company's stock worth $2,088,000 after purchasing an additional 3,951 shares in the last quarter. Alta Wealth Advisors LLC grew its holdings in shares of Credo Technology Group by 11.1% during the fourth quarter. Alta Wealth Advisors LLC now owns 14,262 shares of the company's stock worth $2,052,000 after purchasing an additional 1,428 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Credo Technology Group by 1.4% during the fourth quarter. Principal Financial Group Inc. now owns 707,021 shares of the company's stock worth $101,733,000 after purchasing an additional 9,695 shares in the last quarter. Finally, Pittenger & Anderson Inc. purchased a new position in shares of Credo Technology Group during the fourth quarter worth about $555,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $188.51 on Friday. The business has a 50 day moving average of $130.21 and a 200 day moving average of $140.68. The company has a market capitalization of $34.77 billion, a price-to-earnings ratio of 104.73 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 1-year low of $49.67 and a 1-year high of $213.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter in the previous year, the company posted $0.25 EPS. Credo Technology Group's quarterly revenue was up 201.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Buying and Selling

In other Credo Technology Group news, insider James Laufman sold 10,000 shares of the business's stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total value of $1,644,100.00. Following the completion of the sale, the insider owned 198,609 shares in the company, valued at approximately $32,653,305.69. The trade was a 4.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the business's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $178.99, for a total value of $4,922,225.00. Following the completion of the sale, the chief technology officer owned 6,024,870 shares of the company's stock, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 386,608 shares of company stock worth $50,371,351. Company insiders own 11.84% of the company's stock.

Analysts Set New Price Targets

CRDO has been the subject of a number of recent research reports. Craig Hallum restated a "buy" rating and issued a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Rosenblatt Securities boosted their target price on Credo Technology Group from $125.00 to $175.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 15th. The Goldman Sachs Group boosted their target price on Credo Technology Group from $150.00 to $170.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. Weiss Ratings downgraded Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, April 24th. Finally, Mizuho dropped their target price on Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating for the company in a research report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $207.71.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.