Russell Investments Group Ltd. Buys 8,649 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Russell Investments Group Ltd. increased its stake in Credo Technology Group by 19.2%, now holding a total of 53,581 shares worth approximately $2.15 million.
• Notably, 80.46% of Credo Technology Group's stock is owned by institutional investors, indicating strong interest from large financial entities.
• In its most recent earnings report, the company reported a significant year-over-year revenue increase of 179.6%, achieving $170 million against analyst expectations of $159.59 million.

Russell Investments Group Ltd. raised its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 19.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 53,581 shares of the company's stock after purchasing an additional 8,649 shares during the quarter. Russell Investments Group Ltd.'s holdings in Credo Technology Group were worth $2,152,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. HighTower Advisors LLC bought a new stake in shares of Credo Technology Group in the 1st quarter worth approximately $244,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors lifted its position in shares of Credo Technology Group by 8.0% in the 1st quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors now owns 13,930 shares of the company's stock worth $581,000 after purchasing an additional 1,030 shares during the period. Operose Advisors LLC lifted its position in shares of Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after purchasing an additional 252 shares during the period. Nuveen LLC purchased a new stake in shares of Credo Technology Group in the 1st quarter worth about $52,636,000. Finally, Aigen Investment Management LP lifted its position in shares of Credo Technology Group by 171.9% in the 1st quarter. Aigen Investment Management LP now owns 17,155 shares of the company's stock worth $689,000 after purchasing an additional 10,846 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Performance

Shares of CRDO traded down $8.76 during mid-day trading on Friday, reaching $123.06. The company had a trading volume of 4,960,246 shares, compared to its average volume of 3,802,595. The firm has a 50-day moving average price of $105.59 and a 200 day moving average price of $71.89. Credo Technology Group Holding Ltd. has a 52 week low of $24.08 and a 52 week high of $134.35. The company has a market capitalization of $21.29 billion, a price-to-earnings ratio of 455.78, a price-to-earnings-growth ratio of 2.21 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 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 firm had revenue of $170.00 million for the quarter, compared to analysts' expectations of $159.59 million. During the same period in the previous year, the firm posted $0.07 EPS. The business'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, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CRDO has been the subject of several research analyst reports. Needham & Company LLC raised their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. Susquehanna increased their target price on Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a research report on Tuesday, July 22nd. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Roth Capital set a $95.00 target price on Credo Technology Group and gave the stock a "buy" rating in a research report on Friday, June 13th. Finally, TD Cowen increased their target price 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. One investment analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $91.27.

Insider Buying and Selling

In related news, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $107.00, for a total transaction of $200,625.00. Following the completion of the sale, the director owned 5,898,652 shares of the company's stock, valued at $631,155,764. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $107.12, for a total value of $5,891,600.00. Following the completion of the transaction, the chief technology officer directly owned 7,108,961 shares in the company, valued at $761,511,902.32. This trade represents a 0.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,274,583 shares of company stock valued at $113,118,257. 11.84% 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.