Russell Investments Group Ltd. Increases Stock Position in Credo Technology Group Holding Ltd. $CRDO

Russell Investments Group Ltd. boosted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 79.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 96,019 shares of the company’s stock after purchasing an additional 42,438 shares during the period. Russell Investments Group Ltd. owned about 0.06% of Credo Technology Group worth $8,890,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Operose Advisors LLC boosted its stake in shares of Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company’s stock worth $25,000 after buying an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Credo Technology Group in the first quarter worth approximately $25,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Credo Technology Group during the second quarter valued at approximately $27,000. Harbour Investments Inc. bought a new position in Credo Technology Group in the first quarter worth approximately $29,000. Finally, Virtus Advisers LLC bought a new stake in shares of Credo Technology Group during the 1st quarter valued at $31,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $188.44 on Wednesday. The business’s 50 day moving average price is $153.04 and its 200-day moving average price is $121.64. The company has a market cap of $32.60 billion, a price-to-earnings ratio of 165.30 and a beta of 2.63. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 30.68%. The firm had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the previous year, the firm posted $0.07 earnings per share. The company’s revenue was up 272.1% on a year-over-year basis. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the company. KGI Securities raised Credo Technology Group to an “outperform” rating and set a $230.00 price target for the company in a report on Tuesday. Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research note on Wednesday, October 8th. Needham & Company LLC upped their price objective on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Tuesday. Roth Capital upped their price target on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Stifel Nicolaus set a $160.00 target price on shares of Credo Technology Group in a research report on Wednesday, October 1st. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $206.85.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 112,580 shares of the stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total transaction of $15,558,556.00. Following the completion of the sale, the chief financial officer owned 458,678 shares of the company’s stock, valued at $63,389,299.60. This represents a 19.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Yat Tung Lam sold 80,000 shares of the company’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $143.53, for a total value of $11,482,400.00. Following the transaction, the chief operating officer directly owned 920,000 shares in the company, valued at approximately $132,047,600. The trade was a 8.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 973,161 shares of company stock valued at $149,011,579. Corporate insiders own 11.84% of the company’s stock.

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.