363,696 Shares of Credo Technology Group Holding Ltd. $CRDO Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 363,696 shares of the company’s stock, valued at approximately $70,844,000.

Other hedge funds also recently bought and sold shares of the company. Aviance Capital Partners LLC boosted its stake in Credo Technology Group by 6.7% in the third quarter. Aviance Capital Partners LLC now owns 8,002 shares of the company’s stock worth $1,559,000 after buying an additional 502 shares in the last quarter. ProShare Advisors LLC raised its stake in shares of Credo Technology Group by 62.3% during the third quarter. ProShare Advisors LLC now owns 18,065 shares of the company’s stock worth $3,519,000 after acquiring an additional 6,935 shares in the last quarter. Vise Technologies Inc. raised its stake in shares of Credo Technology Group by 49.1% during the third quarter. Vise Technologies Inc. now owns 7,734 shares of the company’s stock worth $1,507,000 after acquiring an additional 2,548 shares in the last quarter. Intrua Financial LLC purchased a new position in shares of Credo Technology Group during the third quarter worth approximately $902,000. Finally, Greenup Street Wealth Management LLC lifted its holdings in shares of Credo Technology Group by 11.6% in the 3rd quarter. Greenup Street Wealth Management LLC now owns 20,898 shares of the company’s stock worth $4,071,000 after acquiring an additional 2,177 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $150.99 on Monday. The firm has a market cap of $28.38 billion, a price-to-earnings ratio of 53.73, a price-to-earnings-growth ratio of 0.60 and a beta of 3.29. The business has a 50-day simple moving average of $188.40 and a two-hundred day simple moving average of $180.84. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The business had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. During the same period in the previous year, the company posted $0.52 EPS. The business’s quarterly revenue was up 114.7% compared to the same quarter last year. As a group, research analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of research reports. Barclays upped 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 note on Monday, July 20th. Susquehanna lifted their target price on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. lowered their price target on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research note on Wednesday, September 2nd. Rosenblatt Securities restated a “neutral” rating and set a $235.00 price target on shares of Credo Technology Group in a research report on Thursday, October 15th. Finally, Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 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 company. Based on data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and an average price target of $262.67.

Insiders Place Their Bets

In related news, Director Pantas Sutardja sold 1,540 shares of the business’s stock in a transaction that occurred on Monday, October 12th. The stock was sold at an average price of $212.22, for a total transaction of $326,818.80. Following the completion of the transaction, the director directly owned 5,890,494 shares in the company, valued at approximately $1,250,080,636.68. The trade was a 0.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Brennan sold 16,666 shares of the stock in a transaction that occurred on Monday, October 19th. The stock was sold at an average price of $174.87, for a total transaction of $2,914,383.42. Following the completion of the sale, the chief executive officer directly owned 1,584,164 shares of the company’s stock, valued at $277,022,758.68. This represents a 1.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 352,538 shares of company stock valued at $67,200,077. 9.06% of the stock is currently owned by corporate insiders.

Credo Technology Group Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.