Prudential PLC Purchases 34,528 Shares of Credo Technology Group Holding Ltd. $CRDO

Prudential PLC increased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 60.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 91,690 shares of the company’s stock after purchasing an additional 34,528 shares during the quarter. Prudential PLC’s holdings in Credo Technology Group were worth $13,193,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRDO. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group during the third quarter valued at $25,000. Crewe Advisors LLC lifted its holdings in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares during the period. Flagship Harbor Advisors LLC bought a new position in shares of Credo Technology Group during the fourth quarter valued at $32,000. Smallwood Wealth Investment Management LLC bought a new position in shares of Credo Technology Group during the fourth quarter valued at $36,000. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after acquiring an additional 147 shares during the period. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Stock Down 4.9%

Shares of CRDO stock opened at $206.89 on Friday. The stock has a 50-day moving average price of $169.65 and a 200 day moving average price of $147.19. The firm has a market cap of $38.16 billion, a price-to-earnings ratio of 83.42, a PEG ratio of 1.41 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.

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Bank of America lifted their price objective on Credo Technology Group from $210.00 to $252.00 and gave the company a “buy” rating in a report on Tuesday. Rosenblatt Securities lifted their price objective on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday. Mizuho lifted their price objective on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Rothschild & Co Redburn assumed coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $248.41.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction dated Tuesday, April 14th. The stock was sold at an average price of $152.63, for a total value of $1,156,935.40. Following the completion of the sale, the chief financial officer directly owned 433,678 shares in the company, valued at $66,192,273.14. This trade represents a 1.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 10,000 shares of Credo Technology Group stock in a transaction dated Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total value of $1,644,100.00. Following the completion of the sale, the insider owned 198,609 shares of the company’s stock, valued at approximately $32,653,305.69. The trade was a 4.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 386,608 shares of company stock valued at $50,371,351 in the last three months. Company insiders own 11.84% of the company’s stock.

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.