Credo Technology Group Holding Ltd. $CRDO Shares Acquired by ProShare Advisors LLC

ProShare Advisors LLC raised its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 62.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,065 shares of the company’s stock after acquiring an additional 6,935 shares during the period. ProShare Advisors LLC’s holdings in Credo Technology Group were worth $3,519,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. California State Teachers Retirement System lifted its position in Credo Technology Group by 2.2% in the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock valued at $22,612,000 after acquiring an additional 5,113 shares in the last quarter. Corsair Capital Management L.P. bought a new stake in shares of Credo Technology Group in the 1st quarter worth $469,000. Lazard Asset Management LLC increased its holdings in shares of Credo Technology Group by 55.6% in the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock worth $6,294,000 after purchasing an additional 23,949 shares in the last quarter. Quantinno Capital Management LP raised its stake in shares of Credo Technology Group by 68.4% in the first quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock worth $3,203,000 after purchasing an additional 13,859 shares during the last quarter. Finally, Estuary Capital Management LP raised its stake in shares of Credo Technology Group by 87.4% in the first quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock worth $38,696,000 after purchasing an additional 192,218 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CFO Daniel Fleming sold 7,580 shares of the stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $212.91, for a total transaction of $1,613,857.80. Following the completion of the sale, the chief financial officer owned 492,208 shares in the company, valued at approximately $104,796,005.28. This represents a 1.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 5,000 shares of the business’s stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $205.00, for a total value of $1,025,000.00. Following the sale, the insider owned 164,223 shares in the company, valued at $33,665,715. The trade was a 2.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 352,538 shares of company stock valued at $67,200,077 over the last quarter. Insiders own 9.06% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $112.33 on Friday. The company has a market cap of $21.11 billion, a P/E ratio of 46.12, a PEG ratio of 0.54 and a beta of 3.29. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The firm has a 50-day simple moving average of $181.07 and a two-hundred day simple moving average of $180.45.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping 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 firm had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $473.30 million. During the same period in the prior year, the business posted $0.52 EPS. The firm’s quarterly revenue was up 114.7% on a year-over-year basis. As a group, equities research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Key Headlines Impacting Credo Technology Group

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo and Oracle secured approval for two optical telemetry standards from the Open Compute Project. The standards support data-center reliability and could strengthen Credo’s position in next-generation AI infrastructure. Credo and Oracle Drive AI Optical Innovation
• Positive Sentiment: Credo’s latest reported quarter showed revenue growth of 114.7% year over year, with revenue and earnings per share above consensus estimates, providing a strong business backdrop to the sell-off. Credo Revenue More Than Doubled
• Negative Sentiment: Investors are concerned that Democratic election victories could lead to limits on data-center development, particularly in Texas, and slow AI infrastructure spending. That could weigh on demand for Credo’s connectivity products; however, the article notes that a slower buildout is not reflected in the company’s guidance or analyst estimates. Credo Sinks as Election Results Stoke AI Fears
• Negative Sentiment: The political concerns have contributed to a broader sell-off in chip and AI data-center stocks, adding market-wide pressure to CRDO beyond company-specific news. Chip Stocks Feeling Blue After Democratic Party Victories

Wall Street Analysts Forecast Growth

CRDO has been the subject of several research analyst reports. Bank of America cut their price target on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a report on Wednesday, September 2nd. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. TD Cowen increased their target price on Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, August 18th. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, October 6th. Finally, Barclays raised their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. One 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. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus target price of $262.67.

About Credo Technology Group

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.