Nuveen LLC Takes $52.64 Million Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Nuveen LLC has acquired a new stake in Credo Technology Group, purchasing over 1.3 million shares valued at $52.6 million, representing approximately 0.77% of the company.
• In the most recent earnings report, Credo Technology posted $0.35 EPS, surpassing expectations of $0.27 and achieving a revenue increase of 179.6% year-over-year to $170 million.
• Analysts have raised their target prices for Credo Technology, with firms like Stifel Nicolaus and Susquehanna increasing their targets to $115, reflecting a positive sentiment towards the stock.

Nuveen LLC bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The firm bought 1,310,662 shares of the company's stock, valued at approximately $52,636,000. Nuveen LLC owned 0.77% of Credo Technology Group as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Aigen Investment Management LP boosted its holdings in Credo Technology Group by 171.9% in the first quarter. Aigen Investment Management LP now owns 17,155 shares of the company's stock valued at $689,000 after purchasing an additional 10,846 shares during the last quarter. Townsquare Capital LLC purchased a new position in Credo Technology Group in the first quarter valued at about $1,113,000. Rezny Wealth Management Inc. purchased a new position in Credo Technology Group in the first quarter valued at about $928,000. National Bank of Canada FI purchased a new position in Credo Technology Group in the first quarter valued at about $353,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Credo Technology Group by 45.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 66,710 shares of the company's stock valued at $2,679,000 after purchasing an additional 20,710 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on CRDO. Needham & Company LLC increased their target price on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Barclays set a $85.00 price target on Credo Technology Group and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Stifel Nicolaus boosted their price target on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a report on Friday, July 18th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Finally, Mizuho set a $135.00 price target on Credo Technology Group and gave the company an "outperform" rating in a report on Thursday. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of "Buy" and a consensus price target of $91.27.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO traded up $1.77 during mid-day trading on Monday, hitting $118.51. The company had a trading volume of 1,783,187 shares, compared to its average volume of 5,198,518. Credo Technology Group Holding Ltd. has a 12 month low of $24.08 and a 12 month high of $128.56. The stock has a market cap of $20.34 billion, a price-to-earnings ratio of 439.67, a PEG ratio of 2.09 and a beta of 2.59. The firm's 50 day simple moving average is $97.71 and its two-hundred day simple moving average is $68.94.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same quarter in the previous year, the firm posted $0.07 EPS. The firm's quarterly revenue was up 179.6% on a year-over-year basis. Equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 150,000 shares of Credo Technology Group stock in a transaction on Friday, August 1st. The stock was sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the transaction, the chief executive officer directly owned 2,061,978 shares in the company, valued at approximately $220,363,588.86. This trade represents a 6.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lip Bu Tan sold 171,473 shares of Credo Technology Group stock in a transaction on Monday, June 16th. The shares were sold at an average price of $77.90, for a total value of $13,357,746.70. Following the transaction, the director owned 613,725 shares in the company, valued at approximately $47,809,177.50. This trade represents a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,274,583 shares of company stock worth $113,118,257. 16.04% of the stock is owned by company insiders.

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.