364,500 Shares in Credo Technology Group Holding Ltd. $CRDO Purchased by Carmignac Gestion

Carmignac Gestion purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 364,500 shares of the company’s stock, valued at approximately $34,216,000. Carmignac Gestion owned about 0.20% of Credo Technology Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. NewEdge Advisors LLC grew its stake in shares of Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after buying an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after acquiring an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after acquiring an additional 7,107 shares during the period. CW Advisors LLC bought a new position in shares of Credo Technology Group in the 2nd quarter valued at about $288,000. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $205.54, for a total value of $5,652,350.00. Following the completion of the sale, the chief technology officer owned 5,799,870 shares of the company’s stock, valued at $1,192,105,279.80. This trade represents a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 302,162 shares of company stock valued at $72,810,546. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $206.99 on Monday. The firm has a 50-day moving average of $236.60 and a 200-day moving average of $171.95. The stock has a market cap of $38.60 billion, a PE ratio of 83.46, a P/E/G ratio of 0.95 and a beta of 3.23. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. Credo Technology Group’s revenue was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.20 EPS. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research analyst reports. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. Rothschild & Co Redburn started coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price target for the company. Stifel Nicolaus boosted their price target on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Barclays upped their price objective on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Finally, Mizuho raised their price objective on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $266.17.

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.