Sumitomo Mitsui DS Asset Management Company Ltd Buys 19,708 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Sumitomo Mitsui DS Asset Management increased its stake in Credo Technology Group (NASDAQ: CRDO) by 154.5%, buying 19,708 shares to hold 32,468 shares valued at about $4.67 million at quarter-end.
• Credo posted a strong quarter—EPS $1.07 vs. $0.78 expected and revenue $407.0M vs. $385.9M expected—driving a 201.5% year‑over‑year revenue increase and a 31.8% net margin.
• Insiders have been selling (386,608 shares worth $50.37M in the last 90 days, including CEO and CTO sales) even as institutional ownership sits at 80.46% and analysts maintain a mostly positive view with an average target of $207.71.

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 154.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 32,468 shares of the company's stock after acquiring an additional 19,708 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Credo Technology Group were worth $4,672,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRDO. Mirae Asset Global Investments Co. Ltd. lifted its position in Credo Technology Group by 9.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company's stock valued at $39,004,000 after purchasing an additional 23,332 shares during the last quarter. Optimize Financial Inc bought a new position in Credo Technology Group during the third quarter valued at $1,431,000. Estate Counselors LLC bought a new position in Credo Technology Group during the third quarter valued at $2,548,000. Global Trust Asset Management LLC bought a new position in Credo Technology Group during the third quarter valued at $2,167,000. Finally, FengHe Fund Management Pte. Ltd. lifted its position in Credo Technology Group by 5.7% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company's stock valued at $23,349,000 after purchasing an additional 8,769 shares during the last quarter. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

CRDO stock opened at $188.29 on Friday. The company has a market capitalization of $34.73 billion, a PE ratio of 104.61 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 12 month low of $49.05 and a 12 month high of $213.80. The firm's 50-day moving average is $130.21 and its 200 day moving average is $140.68.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm's revenue was up 201.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.25 EPS. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Analyst Ratings Changes

CRDO has been the subject of several analyst reports. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $150.00 to $170.00 and gave the stock a "buy" rating in a report on Thursday, April 16th. Susquehanna lowered their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a "positive" rating for the company in a report on Tuesday, March 3rd. Craig Hallum restated a "buy" rating and issued a $200.00 target price on shares of Credo Technology Group in a report on Tuesday, March 3rd. Needham & Company LLC restated a "buy" rating and issued a $220.00 target price on shares of Credo Technology Group in a report on Wednesday, April 15th. Finally, Roth Mkm lowered 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 report on Tuesday, February 10th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $207.71.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction dated Wednesday, March 11th. The shares were 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. This trade represents a 0.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the firm's 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 transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at $209,764,835.36. This trade represents a 2.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 386,608 shares of company stock worth $50,371,351 in the last ninety days. 11.84% of the stock is currently owned by 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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