SBI Okasan Asset Management Co.Ltd. Makes New Investment in Credo Technology Group Holding Ltd. $CRDO

Key Points

• SBI Okasan Asset Management opened a new position in Credo Technology Group, buying 12,920 shares valued at about $1.87 million in the fourth quarter.
• Credo reported a strong quarter, with EPS of $1.07 versus the $0.78 estimate and revenue of $407.0 million, up 201.5% year over year.
• Analysts remain broadly bullish on the stock, with an average rating of “Buy” and a consensus price target of $210.65, even as insiders have recently sold shares.

SBI Okasan Asset Management Co.Ltd. acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 12,920 shares of the company's stock, valued at approximately $1,870,000.

Several other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Credo Technology Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company's stock worth $2,386,449,000 after acquiring an additional 59,849 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company's stock worth $1,121,118,000 after acquiring an additional 1,190,522 shares during the period. Geode Capital Management LLC lifted its stake in shares of Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company's stock worth $555,117,000 after acquiring an additional 184,676 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the period. Finally, Bank of America Corp DE lifted its stake in shares of Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Up 0.5%

Shares of NASDAQ CRDO opened at $222.35 on Friday. Credo Technology Group Holding Ltd. has a 52 week low of $59.21 and a 52 week high of $233.70. The firm has a 50-day moving average price of $155.48 and a 200 day moving average price of $144.34. The stock has a market capitalization of $41.01 billion, a price-to-earnings ratio of 123.53 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating 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 firm had revenue of $407.01 million during the quarter, compared to analysts' expectations of $385.94 million. During the same quarter last year, the business earned $0.25 earnings per share. The business's revenue for the quarter was up 201.5% compared to the same quarter last year. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CRDO. Roth Mkm reduced their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, February 10th. Craig Hallum restated a "buy" rating and issued a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They issued a "buy" rating and a $206.00 target price for the company. Jefferies Financial Group assumed coverage on shares of Credo Technology Group in a research note on Monday, April 13th. They issued a "buy" rating and a $175.00 price objective for the company. Finally, Rosenblatt Securities raised their price objective on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a "neutral" rating in a research note on Wednesday, April 15th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $210.65.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares of the company's stock, valued at approximately $737,630,712. The trade was a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 386,608 shares of company stock valued at $50,371,351. 11.84% of the stock is currently owned by company insiders.

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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