Robeco Institutional Asset Management B.V. Buys New Holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Robeco Institutional Asset Management B.V. acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 104,599 shares of the company's stock, valued at approximately $4,201,000. Robeco Institutional Asset Management B.V. owned approximately 0.06% of Credo Technology Group as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Proficio Capital Partners LLC purchased a new stake in Credo Technology Group during the fourth quarter worth approximately $700,000. Charles Schwab Investment Management Inc. raised its holdings in Credo Technology Group by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock worth $79,289,000 after purchasing an additional 43,169 shares in the last quarter. Amalgamated Bank lifted its position in shares of Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company's stock worth $321,000 after buying an additional 411 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Credo Technology Group by 7.0% during the 4th quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company's stock worth $37,798,000 after buying an additional 36,949 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of Credo Technology Group by 54.8% in the 4th quarter. Sei Investments Co. now owns 52,968 shares of the company's stock valued at $3,560,000 after buying an additional 18,756 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $92.65, for a total transaction of $5,095,750.00. Following the completion of the transaction, the chief technology officer owned 7,383,961 shares of the company's stock, valued at $684,123,986.65. This represents a 0.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lip Bu Tan sold 12,248 shares of the stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total transaction of $1,141,758.56. Following the transaction, the director owned 467,180 shares in the company, valued at approximately $43,550,519.60. The trade was a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,086,139 shares of company stock valued at $75,820,113 over the last quarter. Company insiders own 16.04% of the company's stock.

Credo Technology Group Trading Up 4.3%

Shares of Credo Technology Group stock traded up $3.81 during mid-day trading on Friday, hitting $93.18. 3,239,611 shares of the stock were exchanged, compared to its average volume of 4,124,303. The stock has a market capitalization of $15.99 billion, a price-to-earnings ratio of 345.09, a price-to-earnings-growth ratio of 1.68 and a beta of 2.57. Credo Technology Group Holding Ltd. has a twelve month low of $22.50 and a twelve month high of $95.71. The company has a 50-day simple moving average of $68.57 and a 200 day simple moving average of $61.75.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.08. The business had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company's quarterly revenue was up 179.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.07 earnings per share. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on CRDO shares. Barclays set a $85.00 price target on Credo Technology Group and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Mizuho lifted their target price on shares of Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a report on Thursday. Finally, Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the stock a "buy" rating in a report on Friday, June 13th. Twelve investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $82.45.

Credo Technology Group Company 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.