Voya Investment Management LLC Raises Holdings in Credo Technology Group Holding Ltd. $CRDO

Voya Investment Management LLC lifted its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 123.8% in the 3rd quarter, Holdings Channel reports. The firm owned 237,867 shares of the company’s stock after acquiring an additional 131,574 shares during the period. Voya Investment Management LLC’s holdings in Credo Technology Group were worth $34,636,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CRDO. GAMMA Investing LLC increased its holdings in Credo Technology Group by 6.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,891 shares of the company’s stock worth $275,000 after buying an additional 118 shares in the last quarter. Nisa Investment Advisors LLC lifted its stake in Credo Technology Group by 3.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,684 shares of the company’s stock valued at $341,000 after acquiring an additional 126 shares during the period. Blue Trust Inc. boosted its holdings in shares of Credo Technology Group by 3.9% during the 2nd quarter. Blue Trust Inc. now owns 4,108 shares of the company’s stock valued at $380,000 after acquiring an additional 154 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Credo Technology Group by 32.4% during the 2nd quarter. Signaturefd LLC now owns 703 shares of the company’s stock valued at $65,000 after acquiring an additional 172 shares during the last quarter. Finally, Main Management ETF Advisors LLC grew its stake in shares of Credo Technology Group by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 11,728 shares of the company’s stock worth $1,086,000 after acquiring an additional 192 shares during the period. 80.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research analyst reports. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, December 4th. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price for the company in a research note on Tuesday, December 2nd. Wolfe Research set a $240.00 price target on Credo Technology Group in a research note on Tuesday, December 2nd. William Blair initiated coverage on Credo Technology Group in a report on Thursday, September 18th. They issued an “outperform” rating for the company. Finally, Barclays upped their price objective on Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a research report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Buy” and an average price target of $206.85.

Insider Buying and Selling

In other Credo Technology Group news, Director Sylvia Acevedo sold 1,875 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $185.17, for a total value of $347,193.75. Following the transaction, the director directly owned 21,098 shares in the company, valued at $3,906,716.66. This represents a 8.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total value of $56,680,300.00. Following the completion of the sale, the chief operating officer owned 400,000 shares of the company’s stock, valued at $61,276,000. The trade was a 48.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,311,246 shares of company stock worth $200,335,333 over the last 90 days. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $150.13 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The company’s fifty day simple moving average is $156.36 and its 200-day simple moving average is $129.90. The stock has a market capitalization of $27.12 billion, a PE ratio of 131.69 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The firm had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same quarter last year, the company earned $0.07 earnings per share. The business’s revenue for the quarter was up 272.1% compared to the same quarter last year. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Credo Technology Group 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.