Resona Asset Management Co. Ltd. Boosts Stake in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Resona Asset Management dramatically increased its position in Credo Technology Group, boosting its stake by 12,986.3% in the fourth quarter to 45,802 shares worth about $6.6 million.
• Wall Street sentiment on CRDO remains upbeat: analysts currently have a Buy consensus with a $207.71 average price target, even though some firms recently trimmed their targets.
• Credo reported strong quarterly results, posting $1.07 EPS on $407.01 million in revenue, well above expectations and up 201.5% year over year.

Resona Asset Management Co. Ltd. increased its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 12,986.3% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 45,802 shares of the company's stock after purchasing an additional 45,452 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Credo Technology Group were worth $6,596,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CRDO. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Credo Technology Group by 9.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company's stock valued at $39,004,000 after purchasing an additional 23,332 shares in the last quarter. Optimize Financial Inc acquired a new position in shares of Credo Technology Group in the third quarter valued at approximately $1,431,000. Estate Counselors LLC acquired a new position in shares of Credo Technology Group in the third quarter valued at approximately $2,548,000. FengHe Fund Management Pte. Ltd. grew its holdings in shares of Credo Technology Group by 5.7% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company's stock valued at $23,349,000 after purchasing an additional 8,769 shares in the last quarter. Finally, M&T Bank Corp grew its holdings in shares of Credo Technology Group by 428.8% in the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company's stock valued at $1,932,000 after purchasing an additional 10,888 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on CRDO shares. Roth Mkm dropped their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, February 10th. Jefferies Financial Group started coverage on shares of Credo Technology Group in a report on Monday, April 13th. They issued a "buy" rating and a $175.00 price objective for the company. Mizuho dropped their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday, March 3rd. Rosenblatt Securities lifted their price objective on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a "neutral" rating in a report on Wednesday, April 15th. Finally, Zacks Research upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $207.71.

Credo Technology Group Stock Up 12.9%

NASDAQ CRDO opened at $218.41 on Friday. Credo Technology Group Holding Ltd. has a 52 week low of $59.00 and a 52 week high of $218.95. The stock has a market capitalization of $40.29 billion, a PE ratio of 121.34 and a beta of 3.17. The firm has a 50 day moving average of $146.81 and a two-hundred day moving average of $143.06.

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, topping 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 company had revenue of $407.01 million during the quarter, compared to analysts' expectations of $385.94 million. During the same quarter in the previous year, the business posted $0.25 EPS. The firm's revenue was up 201.5% on a year-over-year basis. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business'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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William Joseph Brennan sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at $209,764,835.36. This trade represents a 2.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 386,608 shares of company stock valued at $50,371,351 in the last quarter. 11.84% of the stock is currently owned by company insiders.

Credo Technology Group News Summary

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo was highlighted as an AI infrastructure winner alongside Nvidia, Innodata and Qualcomm, keeping investor focus on its exposure to edge computing and data growth. Zacks Investment Ideas feature highlights: Nvidia, Innodata, Credo Technology and Qualcomm
• Positive Sentiment: Zacks framed CRDO as one of the better alternative AI stocks to Nvidia, suggesting more upside as investors look beyond the mega-cap leader. Has Nvidia Become Too Big? 3 Alternative AI Stocks
• Positive Sentiment: Credo jumped after announcing an AI Factory partnership with Rebellions to integrate ZeroFlap cables into RebelPOD, which could strengthen its position in scalable AI data center builds. AI Factory Partnership With Rebellions Sends Credo's Shares Up 8%
• Positive Sentiment: Several outlets described Credo as a “Bull of the Day” and a top semiconductor stock with high upside potential, adding to the upbeat sentiment around the shares. Bull of the Day: Credo Technology Group (CRDO)
• Neutral Sentiment: One article compared CRDO with Coherent as an AI connectivity stock, but the piece was more of an industry comparison than a fresh catalyst. CRDO vs. COHR: Which AI Connectivity Stock Is the Better Buy?
• Negative Sentiment: Broader market coverage noted Nvidia weakness and mixed trading in AI names, which could have tempered enthusiasm even as Credo outperformed. Stock Market Today: Dow Up, Nvidia Sinks 2% While Intuit Craters; These AI Companies Thrive (Live Coverage)

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.

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