State Street Corp Decreases Stake in Credo Technology Group Holding Ltd. $CRDO

Key Points

• State Street reduced its Credo Technology stake by 13.4% in the second quarter, selling 651,251 shares and retaining 4.22 million shares valued at approximately $1.15 billion. Institutional investors and hedge funds collectively own 80.46% of the company.
• Credo reported quarterly adjusted earnings of $1.20 per share and revenue of $479 million, exceeding analyst expectations; revenue increased 114.7% year over year. The stock opened at $192.56, with a market capitalization of roughly $36.2 billion.
• Insiders sold approximately $64.7 million of shares over the past quarter under pre-arranged Rule 10b5-1 plans. Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $264.89, though valuation and customer concentration remain risks.

State Street Corp reduced its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 13.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,221,110 shares of the company's stock after selling 651,251 shares during the period. State Street Corp owned 2.25% of Credo Technology Group worth $1,147,931,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its position in shares of Credo Technology Group by 13.7% during the 2nd quarter. Bank of America Corp DE now owns 2,182,764 shares of the company's stock valued at $593,603,000 after acquiring an additional 262,479 shares during the last quarter. Geode Capital Management LLC lifted its position in Credo Technology Group by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company's stock valued at $555,117,000 after buying an additional 184,676 shares during the last quarter. Corient Private Wealth LLC boosted its stake in Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock worth $517,835,000 after buying an additional 3,597,318 shares during the period. Atreides Management LP lifted its holdings in shares of Credo Technology Group by 3.5% in the 2nd quarter. Atreides Management LP now owns 1,129,285 shares of the company's stock worth $307,109,000 after acquiring an additional 38,052 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Credo Technology Group by 11.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,021,020 shares of the company's stock worth $290,805,000 after acquiring an additional 203,462 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Transactions at Credo Technology Group

In other news, COO Yat Lam sold 50,000 shares of the business's stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $213.33, for a total transaction of $10,666,500.00. Following the sale, the chief operating officer owned 300,000 shares of the company's stock, valued at $63,999,000. The trade was a 14.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Brennan sold 16,672 shares of Credo Technology Group stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $151.88, for a total transaction of $2,532,143.36. Following the transaction, the chief executive officer owned 1,600,830 shares of the company's stock, valued at approximately $243,134,060.40. The trade was a 1.03% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 302,246 shares of company stock worth $64,700,584 over the last quarter. Insiders own 9.06% of the company's stock.

Credo Technology Group Stock Performance

CRDO opened at $192.56 on Wednesday. The business's 50-day simple moving average is $210.05 and its 200-day simple moving average is $193.70. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67. The stock has a market capitalization of $36.19 billion, a P/E ratio of 68.53, a price-to-earnings-growth ratio of 0.75 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.17 by $0.03. The firm had revenue of $479.00 million during the quarter, compared to analysts' expectations of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. Credo Technology Group's quarterly revenue was up 114.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.52 EPS. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CRDO shares. Wall Street Zen downgraded shares of Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Roth Capital upped their price target on Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Evercore set a $292.00 price target on Credo Technology Group in a research report on Wednesday, September 2nd. Bank of America dropped their price objective on Credo Technology Group from $340.00 to $275.00 and set a "buy" rating for the company in a research note on Wednesday, September 2nd. Finally, Jefferies Financial Group boosted their price objective on Credo Technology Group from $225.00 to $270.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $264.89.

Credo Technology Group News Roundup

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo achieved PCI-SIG 6.x compliance for its Toucan retimer, strengthening its positioning in next-generation PCIe infrastructure and the expanding AI data-center market. Credo PCIe compliance article
• Positive Sentiment: The company’s new 1.6T ZeroFlap optics broaden its optical connectivity portfolio as management targets more than $600 million in fiscal 2027 optical revenue. This supports expectations for continued AI-related growth. Credo 1.6T optics article
• Positive Sentiment: Credo was added to the FTSE All-World Index, potentially increasing institutional visibility and demand from funds that track the benchmark. FTSE index inclusion article
• Positive Sentiment: Recent commentary points to triple-digit revenue growth, strong AI exposure and an earnings beat, leading some investors to view the stock’s decline from its highs as a potential buying opportunity. Credo growth outlook article
• Neutral Sentiment: Mizuho lowered its price target from $290 to $245 but retained an Outperform rating. The revision reflects greater valuation caution, although the target still indicates meaningful upside in the cited analysis. Mizuho Credo price target article
• Negative Sentiment: Bearish analysis warns that Credo’s premium valuation, customer concentration and execution requirements could cause additional weakness even as revenue expands rapidly. Bearish Credo analysis
• Negative Sentiment: Chief Technology Officer Chi Fung Cheng sold 27,500 shares worth approximately $4.6 million. The transaction was made under a pre-arranged Rule 10b5-1 plan and reduced his holdings by only 0.48%, limiting its significance but potentially weighing on sentiment. Credo CTO insider sale filing

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company's portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.

Want to see what other hedge funds are holding CRDO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.