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

Resona Asset Management Co. Ltd. lessened its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 73.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,900 shares of the company's stock after selling 7,971 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Credo Technology Group were worth $117,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in CRDO. Operose Advisors LLC raised its stake in Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after buying an additional 252 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at about $27,000. Harbour Investments Inc. acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at about $29,000. Optimum Investment Advisors acquired a new stake in shares of Credo Technology Group in the first quarter valued at about $52,000. Finally, Larson Financial Group LLC increased its position in shares of Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after acquiring an additional 245 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Price Performance

Shares of CRDO stock traded up $4.9850 on Friday, reaching $115.8450. 2,066,771 shares of the company were exchanged, compared to its average volume of 5,177,052. The company has a market cap of $19.88 billion, a price-to-earnings ratio of 428.85, a PEG ratio of 1.90 and a beta of 2.59. The company has a 50-day moving average of $100.83 and a 200-day moving average of $70.06. Credo Technology Group Holding Ltd. has a one year low of $24.08 and a one year high of $128.56.

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 for the quarter, beating the consensus estimate of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The business had revenue of $170.00 million for the quarter, compared to analysts' expectations of $159.59 million. During the same quarter last year, the firm earned $0.07 EPS. The firm's revenue for the quarter was up 179.6% compared to the same quarter last year. Credo Technology Group has set its Q1 2026 guidance at EPS. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Activity

In other news, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $97.29, for a total transaction of $368,729.10. Following the completion of the sale, the chief financial officer owned 582,428 shares in the company, valued at $56,664,420.12. This trade represents a 0.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $107.00, for a total transaction of $200,625.00. Following the sale, the director owned 5,898,652 shares of the company's stock, valued at approximately $631,155,764. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,274,583 shares of company stock worth $113,118,257. Corporate insiders own 16.04% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Roth Capital set a $95.00 target price on Credo Technology Group and gave the company a "buy" rating in a research report on Friday, June 13th. Wall Street Zen upgraded Credo Technology Group from a "hold" rating to a "buy" rating in a report on Saturday, August 16th. Cowen restated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. TD Cowen boosted their price target on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Finally, Mizuho boosted their price target on Credo Technology Group from $112.00 to $135.00 and gave the company an "outperform" rating in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the stock. Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and an average price target of $91.27.

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.