Truist Financial Corp Takes $328,000 Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Truist Financial Corp has acquired a new $328,000 position in Credo Technology Group, purchasing 3,545 shares in the second quarter.
• Insider trading activity has seen significant sales, including CTO Chi Fung Cheng selling 55,000 shares for over $8 million, reducing his ownership stake.
• Analysts are optimistic about Credo, with TD Cowen setting a $170.00 price target and multiple firms maintaining a "buy" rating amidst a consensus target of $128.55.

Truist Financial Corp acquired a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,545 shares of the company's stock, valued at approximately $328,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in CRDO. GAMMA Investing LLC grew its position in shares of Credo Technology Group by 103.5% in the first quarter. GAMMA Investing LLC now owns 1,982 shares of the company's stock valued at $80,000 after purchasing an additional 1,008 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new stake in Credo Technology Group during the first quarter valued at about $301,000. Janney Montgomery Scott LLC grew its position in Credo Technology Group by 27.9% during the first quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock valued at $270,000 after acquiring an additional 1,467 shares during the period. Blue Trust Inc. purchased a new stake in Credo Technology Group during the first quarter valued at about $159,000. Finally, Praxis Investment Management Inc. grew its position in Credo Technology Group by 280.0% during the first quarter. Praxis Investment Management Inc. now owns 14,250 shares of the company's stock valued at $572,000 after acquiring an additional 10,500 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Monday, October 13th. The stock was sold at an average price of $148.08, for a total transaction of $8,144,400.00. Following the sale, the chief technology officer owned 6,778,961 shares in the company, valued at $1,003,828,544.88. This represents a 0.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Manpreet Khaira sold 5,000 shares of the company's stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $149.67, for a total value of $748,350.00. Following the sale, the director owned 58,574 shares in the company, valued at $8,766,770.58. The trade was a 7.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,006,589 shares of company stock valued at $135,192,863 over the last three months. Company insiders own 11.84% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on CRDO shares. TD Cowen started coverage on Credo Technology Group in a research report on Wednesday, October 1st. They set a "buy" rating and a $170.00 price target for the company. Wall Street Zen raised Credo Technology Group from a "hold" rating to a "buy" rating in a research report on Sunday, September 28th. Susquehanna boosted their price target on Credo Technology Group from $115.00 to $165.00 and gave the company a "positive" rating in a research report on Thursday, September 4th. Needham & Company LLC boosted their price target on Credo Technology Group from $85.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday, September 4th. Finally, William Blair started coverage on Credo Technology Group in a research report on Thursday, September 18th. They set an "outperform" rating for the company. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $128.55.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $136.53 on Friday. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $176.70. The business's 50-day simple moving average is $138.34 and its 200 day simple moving average is $94.04. The stock has a market cap of $23.62 billion, a price-to-earnings ratio of 203.78 and a beta of 2.60.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The business had revenue of $223.07 million during the quarter, compared to analyst estimates of $190.63 million. During the same quarter last year, the firm posted $0.04 EPS. The company's revenue was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

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.

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