Mitsubishi UFJ Trust & Banking Corp Buys Shares of 74,191 Credo Technology Group Holding Ltd. $CRDO

Key Points

• Mitsubishi UFJ Trust & Banking Corp initiated a new stake in Credo Technology Group (NASDAQ:CRDO), purchasing 74,191 shares valued at roughly $10.68 million in the fourth quarter.
• Credo posted a strong quarter, beating EPS estimates with $1.07 and revenue of $407.0M (up 201.5% YoY), while trading at a high valuation (P/E ~102) with a 52‑week range of $45.65–$213.80 and a market cap near $34.0B.
• Ownership and insider moves are notable: about 80.46% of the stock is held by institutions (Vanguard, JPMorgan among the largest holders), and insiders sold 359,108 shares (~$45.4M) in the last 90 days.

Mitsubishi UFJ Trust & Banking Corp bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 74,191 shares of the company's stock, valued at approximately $10,675,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in 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 in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Credo Technology Group by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company's stock worth $1,121,118,000 after acquiring an additional 1,190,522 shares during the period. Alliancebernstein L.P. boosted its position in shares of Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Credo Technology Group by 161.5% in the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the last quarter. Finally, Wellington Management Group LLP boosted its position in shares of Credo Technology Group by 47.8% in the third quarter. Wellington Management Group LLP now owns 1,624,690 shares of the company's stock worth $236,571,000 after acquiring an additional 525,585 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $184.38 on Friday. Credo Technology Group Holding Ltd. has a one year low of $45.65 and a one year high of $213.80. The company's 50 day moving average price is $125.98 and its 200 day moving average price is $139.49. The firm has a market capitalization of $34.01 billion, a price-to-earnings ratio of 102.43 and a beta of 3.17.

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

Insider Activity at Credo Technology Group

In related news, CEO William Joseph Brennan sold 50,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at $737,630,712. The trade was a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 359,108 shares of company stock worth $45,449,126 in the last 90 days. 11.84% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CRDO has been the topic of several research analyst reports. Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They issued a "buy" rating and a $175.00 target price on the stock. Rosenblatt Securities raised their target price on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 15th. Weiss Ratings cut shares of Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, April 24th. Zacks Research cut shares of Credo Technology Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. Finally, Roth Mkm decreased their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Tuesday, February 10th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $207.71.

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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