104,599 Shares in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Bought by Robeco Institutional Asset Management B.V.

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

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. increased its stake in Credo Technology Group by 15.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 21,730 shares of the company's stock worth $873,000 after purchasing an additional 2,947 shares during the period. Praxis Investment Management Inc. grew its holdings in shares of Credo Technology Group by 280.0% in the first quarter. Praxis Investment Management Inc. now owns 14,250 shares of the company's stock worth $572,000 after purchasing an additional 10,500 shares during the last quarter. Blue Trust Inc. purchased a new position in Credo Technology Group in the 1st quarter worth about $159,000. Rakuten Securities Inc. increased its stake in Credo Technology Group by 81.8% in the 1st quarter. Rakuten Securities Inc. now owns 4,248 shares of the company's stock worth $171,000 after buying an additional 1,911 shares during the period. Finally, Fortitude Advisory Group L.L.C. lifted its holdings in Credo Technology Group by 23.2% during the 1st quarter. Fortitude Advisory Group L.L.C. now owns 6,390 shares of the company's stock valued at $241,000 after buying an additional 1,203 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CRDO shares. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Barclays set a $85.00 price objective on Credo Technology Group and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. Stifel Nicolaus lifted their target price on Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. TD Cowen increased their price target on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Finally, Cowen restated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Twelve analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of "Buy" and an average price target of $82.45.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Monday, June 30th. The stock was sold at an average price of $92.65, for a total value of $5,095,750.00. Following the transaction, the chief technology officer directly 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 Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Laufman sold 5,000 shares of Credo Technology Group stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $85.07, for a total value of $425,350.00. Following the sale, the insider directly owned 249,346 shares of the company's stock, valued at approximately $21,211,864.22. This represents a 1.97% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,086,139 shares of company stock worth $75,820,113. Company insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

Shares of CRDO stock traded up $3.81 during mid-day trading on Friday, hitting $93.18. 3,239,611 shares of the stock traded hands, compared to its average volume of 4,124,303. The stock has a market cap of $15.82 billion, a P/E ratio of 345.09, a P/E/G ratio of 1.60 and a beta of 2.57. Credo Technology Group Holding Ltd. has a 52-week low of $22.50 and a 52-week high of $95.71. The stock's fifty day moving average is $67.58 and its two-hundred day moving average is $61.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The company's revenue was up 179.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.07 earnings per share. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

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.