Saudi Central Bank Has $3.16 Million Stake in Credo Technology Group Holding Ltd. $CRDO

Saudi Central Bank lifted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 93.6% during the second quarter, HoldingsChannel reports. The firm owned 11,620 shares of the company’s stock after acquiring an additional 5,619 shares during the quarter. Saudi Central Bank’s holdings in Credo Technology Group were worth $3,160,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. City Center Advisors LLC increased its position in shares of Credo Technology Group by 2.1% during the second quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock valued at $706,000 after acquiring an additional 53 shares in the last quarter. Versant Capital Management Inc increased its holdings in shares of Credo Technology Group by 8.0% in the 2nd quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock worth $205,000 after purchasing an additional 56 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Credo Technology Group by 16.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after purchasing an additional 77 shares during the last quarter. QRG Capital Management Inc. raised its stake in shares of Credo Technology Group by 1.7% in the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after purchasing an additional 91 shares during the last quarter. Finally, Bank of Nova Scotia lifted its holdings in shares of Credo Technology Group by 1.6% during the first quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock valued at $566,000 after purchasing an additional 92 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Activity

In other news, COO Yat Lam sold 55,441 shares of the business’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the transaction, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $259.53, for a total transaction of $7,137,075.00. Following the transaction, the chief technology officer owned 5,992,370 shares of the company’s stock, valued at approximately $1,555,199,786.10. This represents a 0.46% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 376,784 shares of company stock worth $88,299,791 over the last ninety days. Corporate insiders own 9.06% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $170.57 on Tuesday. The business has a fifty day moving average price of $228.81 and a 200-day moving average price of $189.80. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67. The firm has a market capitalization of $32.06 billion, a price-to-earnings ratio of 60.70, a price-to-earnings-growth ratio of 0.68 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.17 by $0.03. The firm had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The business’s revenue for the quarter was up 114.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 earnings per share. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CRDO has been the topic of several recent analyst reports. Needham & Company LLC increased their price objective on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Barclays increased their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. TD Cowen boosted their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Weiss Ratings downgraded Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday. Finally, Bank of America reduced their price objective on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a research report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $267.39.

About Credo Technology Group

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.