Candriam S.C.A. Buys 13,680 Shares of Credo Technology Group Holding Ltd. $CRDO

Candriam S.C.A. grew its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 4.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 340,739 shares of the company’s stock after buying an additional 13,680 shares during the quarter. Candriam S.C.A. owned approximately 0.18% of Credo Technology Group worth $66,615,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in CRDO. Ethic Inc. lifted its stake in Credo Technology Group by 115.8% in the 3rd quarter. Ethic Inc. now owns 16,905 shares of the company’s stock worth $3,293,000 after acquiring an additional 9,070 shares in the last quarter. StoneX Group Inc. acquired a new stake in Credo Technology Group during the 3rd quarter worth about $399,000. Pictet Asset Management Holding SA grew its stake in Credo Technology Group by 222.5% during the 3rd quarter. Pictet Asset Management Holding SA now owns 740,487 shares of the company’s stock valued at $144,170,000 after acquiring an additional 510,905 shares in the last quarter. Formidable Asset Management LLC grew its stake in Credo Technology Group by 68.5% during the 3rd quarter. Formidable Asset Management LLC now owns 3,775 shares of the company’s stock valued at $735,000 after acquiring an additional 1,535 shares in the last quarter. Finally, OPTIMAS CAPITAL Ltd acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at about $1,928,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 7.3%

CRDO opened at $120.51 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67. The stock has a market capitalization of $22.65 billion, a PE ratio of 42.89, a PEG ratio of 0.48 and a beta of 3.29. The firm has a 50-day moving average price of $178.67 and a two-hundred day moving average price of $180.29.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The firm had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $473.30 million. During the same quarter in the previous year, the company posted $0.52 EPS. Credo Technology Group’s revenue was up 114.7% on a year-over-year basis. On average, research analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. JPMorgan Chase & Co. decreased their price target on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a report on Wednesday, September 2nd. TD Cowen upped their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Evercore set a $292.00 target price on shares of Credo Technology Group in a research report on Wednesday, September 2nd. Barclays lifted their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $235.00 price target on shares of Credo Technology Group in a report on Thursday, October 15th. One research 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 company’s stock. According to MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and a consensus price target of $262.67.

Credo Technology Group News Roundup

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

• Positive Sentiment: A Seeking Alpha contributor upgraded Credo, arguing that the recent sell-off has gone far enough—potentially signaling that the lower share price has improved the risk-reward profile. Credo: The Sell-Off Has Done Its Job (Rating Upgrade)
• Positive Sentiment: Credo and Oracle secured Open Compute Project approval for two optical telemetry standards, supporting Credo’s role in developing connectivity and reliability for next-generation AI data centers. Credo and Oracle Drive AI Optical Innovation
• Neutral Sentiment: Coverage notes that Credo and other AI-hardware companies have delivered strong results, but cautions that supply bottlenecks and customer concentration could limit further gains. The AI Boom Is Creating a New Set of Winners
• Negative Sentiment: A broader tech-sector decline drove a steep drop in CRDO, as investors reassessed AI-related stocks. Separate coverage tied the sell-off to fears that political changes could pose a downside risk to AI spending; that concern, however, has not appeared in Credo’s guidance or analyst estimates. Tech selloff sends Credo Technology down Credo Sinks as Political Fears Weigh on AI Stocks

Insider Activity

In related news, COO Yat Lam sold 50,000 shares of Credo Technology Group stock in a transaction dated Friday, September 25th. The stock was sold at an average price of $206.30, for a total value of $10,315,000.00. Following the completion of the sale, the chief operating officer directly owned 2,479,169 shares in the company, valued at $511,452,564.70. This trade represents a 1.98% 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, CTO Chi Cheng sold 27,500 shares of the business’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $193.93, for a total value of $5,333,075.00. Following the sale, the chief technology officer directly owned 5,662,397 shares of the company’s stock, valued at $1,098,108,650.21. This represents a 0.48% 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 have sold 352,538 shares of company stock valued at $67,200,077 over the last 90 days. 9.06% of the stock is owned by company insiders.

Credo Technology Group Company Profile

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments.

The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.

Credo is headquartered in San Jose, California, and serves customers in the global data infrastructure market.