Renaissance Technologies LLC Makes New $34.01 Million Investment in Credo Technology Group Holding Ltd. $CRDO

Renaissance Technologies LLC purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 362,338 shares of the company’s stock, valued at approximately $34,013,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. lifted its position 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 acquiring an additional 23,332 shares during the last quarter. FengHe Fund Management Pte. Ltd. grew its holdings in shares of Credo Technology Group by 5.7% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock worth $23,349,000 after acquiring an additional 8,769 shares during the last quarter. M&T Bank Corp grew its holdings in shares of Credo Technology Group by 428.8% in the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after acquiring an additional 10,888 shares during the last quarter. Teacher Retirement System of Texas raised its position in shares of 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 worth $34,493,000 after purchasing an additional 198,826 shares during the period. Finally, TimesSquare Capital Management LLC lifted its holdings in shares of Credo Technology Group by 5.5% during the fourth quarter. TimesSquare Capital Management LLC now owns 264,181 shares of the company’s stock valued at $38,013,000 after purchasing an additional 13,881 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Price Performance

Shares of CRDO opened at $192.28 on Wednesday. The company has a market capitalization of $35.86 billion, a price-to-earnings ratio of 77.53, a P/E/G ratio of 0.95 and a beta of 3.20. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The business’s 50-day moving average is $236.79 and its 200-day moving average is $170.98.

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

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the transaction, the chief financial officer directly owned 504,708 shares in the company, valued at $124,097,603.04. The trade was a 1.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $222.34, for a total transaction of $6,114,350.00. Following the completion of the transaction, the chief technology officer directly owned 5,827,370 shares in the company, valued at $1,295,657,445.80. This trade represents a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 302,162 shares of company stock worth $72,080,421 in the last quarter. 11.84% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CRDO has been the subject of a number of recent analyst reports. Needham & Company LLC increased their price target 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. Rosenblatt Securities upped their price objective on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Bank of America raised their target price on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Finally, Barclays boosted their price target 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. Two investment 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 stock. According to data from MarketBeat, the company currently 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.