Krane Funds Advisors LLC Invests $1.99 Million in Credo Technology Group Holding Ltd. $CRDO

Krane Funds Advisors LLC acquired a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 13,840 shares of the company’s stock, valued at approximately $1,991,000.

Several other institutional investors have also recently added to or reduced their stakes in CRDO. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Credo Technology Group by 9.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after buying an additional 23,332 shares during the period. M&T Bank Corp grew its position in Credo Technology Group by 428.8% during the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock valued at $1,932,000 after acquiring an additional 10,888 shares during the period. FengHe Fund Management Pte. Ltd. grew its position in Credo Technology Group by 5.7% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after acquiring an additional 8,769 shares during the period. TD Asset Management Inc acquired a new stake in Credo Technology Group during the third quarter worth about $17,454,000. Finally, Second Line Capital LLC purchased a new position in shares of Credo Technology Group in the 3rd quarter worth about $4,283,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 price objective for the company. Rosenblatt Securities lifted their target price on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Craig Hallum reiterated a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 price objective on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Finally, Roth Mkm increased their target price on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $248.41.

Credo Technology Group Price Performance

CRDO opened at $206.89 on Monday. The stock has a market capitalization of $38.16 billion, a PE ratio of 83.42, a P/E/G ratio of 1.34 and a beta of 3.22. Credo Technology Group Holding Ltd. has a 12-month low of $66.75 and a 12-month high of $245.95. The firm’s fifty day moving average price is $169.65 and its 200 day moving average price is $147.21.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The firm had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same period in the previous year, the company earned $0.20 earnings per share. Credo Technology Group’s quarterly revenue was up 157.0% on a year-over-year basis. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $152.63, for a total transaction of $1,156,935.40. Following the sale, the chief financial officer owned 433,678 shares in the company, valued at $66,192,273.14. This represents a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $178.99, for a total value of $4,922,225.00. Following the completion of the transaction, the chief technology officer owned 6,024,870 shares of the company’s stock, valued at approximately $1,078,391,481.30. The trade was a 0.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 386,608 shares of company stock valued at $50,371,351 over the last three months. 11.84% of the stock is currently owned by company insiders.

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.