Hsbc Holdings PLC Increases Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Hsbc Holdings PLC boosted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 88.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 66,981 shares of the company’s stock after buying an additional 31,414 shares during the quarter. Hsbc Holdings PLC’s holdings in Credo Technology Group were worth $6,229,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. increased its holdings 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 worth $39,004,000 after purchasing an additional 23,332 shares during the period. FengHe Fund Management Pte. Ltd. lifted its stake in shares of Credo Technology Group by 5.7% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after buying an additional 8,769 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 worth $1,932,000 after buying an additional 10,888 shares in the last quarter. Nordea Investment Management AB acquired a new stake in Credo Technology Group during the fourth quarter worth about $2,084,000. Finally, Teacher Retirement System of Texas increased its stake in Credo Technology Group by 486.2% during the fourth quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock valued at $34,493,000 after acquiring an additional 198,826 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00. Following the sale, the chief technology officer owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. The trade was a 0.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the company’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the sale, the chief executive officer directly owned 367,327 shares in the company, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 302,162 shares of company stock valued at $70,897,646. 11.84% of the stock is currently owned by company insiders.

Credo Technology Group Trading Up 3.6%

NASDAQ CRDO opened at $236.50 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67. The company has a market capitalization of $44.10 billion, a price-to-earnings ratio of 95.36, a PEG ratio of 1.04 and a beta of 3.20. The stock’s 50 day moving average is $234.46 and its two-hundred day moving average is $169.58.

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

Wall Street Analyst Weigh In

A number of analysts have commented on CRDO shares. Mizuho raised their price objective on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities boosted their price objective on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Barclays upped their target price on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday. Jefferies Financial Group raised their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price 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.