Rakuten Securities Inc. Increases Stock Position in Credo Technology Group Holding Ltd. $CRDO

Rakuten Securities Inc. raised its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 26.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 19,448 shares of the company’s stock after purchasing an additional 4,032 shares during the period. Credo Technology Group comprises 0.9% of Rakuten Securities Inc.’s portfolio, making the stock its 26th largest holding. Rakuten Securities Inc.’s holdings in Credo Technology Group were worth $2,798,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in CRDO. Atlantic Union Bankshares Corp acquired a new stake in shares of Credo Technology Group during the third quarter worth about $25,000. Crewe Advisors LLC boosted its position in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the period. First Horizon Corp acquired a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $26,000. Flagship Harbor Advisors LLC purchased a new position in Credo Technology Group during the 4th quarter worth approximately $32,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in Credo Technology Group during the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Down 2.1%

Credo Technology Group stock opened at $185.54 on Friday. The stock has a 50 day moving average of $120.68 and a two-hundred day moving average of $138.33. Credo Technology Group Holding Ltd. has a twelve month low of $40.17 and a twelve month high of $213.80. The stock has a market capitalization of $34.22 billion, a price-to-earnings ratio of 103.08 and a beta of 2.72.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. The business had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company’s revenue for the quarter was up 201.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 earnings per share. Equities analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the transaction, the chief technology officer owned 6,299,870 shares of the company’s stock, valued at approximately $802,414,441.90. The trade was a 0.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 401,499 shares of company stock worth $47,775,895. 11.84% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on CRDO. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a research note on Wednesday, April 15th. Barclays restated an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a research report on Thursday, January 15th. Susquehanna cut their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a report on Tuesday, March 3rd. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Finally, Mizuho decreased their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, March 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $207.81.

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.