XTX Topco Ltd Increases Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

XTX Topco Ltd grew its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 828.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,602 shares of the company's stock after buying an additional 54,968 shares during the quarter. XTX Topco Ltd's holdings in Credo Technology Group were worth $2,474,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Larson Financial Group LLC lifted its holdings in shares of Credo Technology Group by 21.5% during the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after acquiring an additional 245 shares during the period. CIBC Private Wealth Group LLC lifted its holdings in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after acquiring an additional 348 shares during the period. Calamos Advisors LLC lifted its holdings in shares of Credo Technology Group by 3.1% during the first quarter. Calamos Advisors LLC now owns 17,369 shares of the company's stock valued at $698,000 after acquiring an additional 529 shares during the period. Prudential Financial Inc. lifted its holdings in shares of Credo Technology Group by 6.0% during the fourth quarter. Prudential Financial Inc. now owns 9,843 shares of the company's stock valued at $662,000 after acquiring an additional 560 shares during the period. Finally, KBC Group NV lifted its holdings in shares of Credo Technology Group by 11.7% during the first quarter. KBC Group NV now owns 6,324 shares of the company's stock valued at $254,000 after acquiring an additional 663 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

Shares of CRDO traded down $3.99 on Friday, reaching $107.56. The stock had a trading volume of 5,720,481 shares, compared to its average volume of 5,340,556. The firm has a market capitalization of $18.46 billion, a price-to-earnings ratio of 398.37, a price-to-earnings-growth ratio of 2.08 and a beta of 2.57. The company has a 50-day simple moving average of $85.53 and a 200-day simple moving average of $65.35. Credo Technology Group Holding Ltd. has a 12-month low of $22.50 and a 12-month high of $118.95.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its 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. The business had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company's quarterly revenue was up 179.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.07 EPS. On average, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $105.80, for a total value of $5,819,000.00. Following the transaction, the chief technology officer owned 7,163,961 shares of the company's stock, valued at $757,947,073.80. This represents a 0.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $97.29, for a total value of $368,729.10. Following the sale, the chief financial officer directly owned 582,428 shares in the company, valued at $56,664,420.12. This trade represents a 0.65% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,021,264 shares of company stock valued at $86,032,061. 16.04% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on CRDO. Stifel Nicolaus lifted their price target on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a report on Friday, July 18th. Roth Capital set a $95.00 price objective on Credo Technology Group and gave the stock a "buy" rating in a report on Friday, June 13th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Cowen reissued a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Finally, TD Cowen boosted 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 hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $87.91.

About Credo Technology Group

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.