Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. Takes $1.08 Million Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Mitsubishi UFJ Morgan Stanley Securities initiated a new position in Credo Technology Group, buying 7,500 shares worth about $1.08 million. The stake represents about 1.7% of the firm’s portfolio.
• Credo reported a strong quarter, with EPS of $1.07 beating estimates and revenue of $407.01 million, up 201.5% year over year. Analysts still see more upside, with a consensus rating of Buy and an average price target of $210.65.
• Despite the strong fundamentals, insiders have been selling shares recently, including the CEO and CTO. Over the last 90 days, insiders sold 386,608 shares valued at $50.37 million.

Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 7,500 shares of the company's stock, valued at approximately $1,079,000. Credo Technology Group accounts for approximately 1.7% of Mitsubishi UFJ Morgan Stanley Securities Co. Ltd.'s portfolio, making the stock its 12th biggest holding.

A number of other institutional investors have also recently modified their holdings of the stock. Savant Capital LLC lifted its position in shares of Credo Technology Group by 0.7% during the 3rd quarter. Savant Capital LLC now owns 9,914 shares of the company's stock valued at $1,444,000 after acquiring an additional 68 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company's stock valued at $80,000 after acquiring an additional 77 shares during the period. Illinois Municipal Retirement Fund lifted its position in shares of Credo Technology Group by 0.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company's stock valued at $2,298,000 after acquiring an additional 91 shares during the period. Spirepoint Private Client LLC increased its stake in Credo Technology Group by 6.6% in the fourth quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company's stock valued at $243,000 after acquiring an additional 105 shares during the last quarter. Finally, Crewe Advisors LLC increased its stake in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after acquiring an additional 106 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the company's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company's stock, valued at $737,630,712. This represents a 0.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William Joseph Brennan sold 50,000 shares of the company's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 386,608 shares of company stock valued at $50,371,351. Insiders own 11.84% of the company's stock.

Credo Technology Group Stock Up 0.5%

Shares of CRDO stock opened at $222.35 on Friday. Credo Technology Group Holding Ltd. has a twelve month low of $59.21 and a twelve month high of $233.70. The company has a market cap of $41.01 billion, a P/E ratio of 123.53 and a beta of 3.17. The business has a fifty day simple moving average of $155.48 and a 200 day simple moving average of $144.34.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same period in the prior year, the company earned $0.25 EPS. Credo Technology Group's revenue for the quarter was up 201.5% on a year-over-year basis. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CRDO shares. Stifel Nicolaus set a $250.00 price objective on shares of Credo Technology Group in a research note on Wednesday. Mizuho decreased their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating on the stock in a research note on Tuesday, March 3rd. The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Weiss Ratings upgraded Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday. Finally, Needham & Company LLC restated a "buy" rating and set a $220.00 price objective on shares of Credo Technology Group in a research report on Wednesday, April 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of "Buy" and an average price target of $210.65.

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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