Bessemer Group Inc. Sells 4,164 Shares of Credo Technology Group Holding Ltd. $CRDO

Bessemer Group Inc. reduced its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 3.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 121,024 shares of the company’s stock after selling 4,164 shares during the quarter. Bessemer Group Inc.’s holdings in Credo Technology Group were worth $17,416,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings in 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 last quarter. Optimize Financial Inc acquired a new position in Credo Technology Group in the 3rd quarter valued at $1,431,000. Estate Counselors LLC acquired a new position in Credo Technology Group in the 3rd quarter valued at $2,548,000. FengHe Fund Management Pte. Ltd. raised its holdings in 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 valued at $23,349,000 after acquiring an additional 8,769 shares in the last quarter. Finally, M&T Bank Corp raised its holdings in Credo Technology Group by 428.8% in the 4th 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 in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. The Goldman Sachs Group lifted their price objective on Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Craig Hallum reaffirmed a “buy” rating and issued a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. Weiss Ratings cut Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, April 24th. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $207.71.

Insider Transactions at Credo Technology Group

In related news, CEO William Joseph Brennan sold 6,149 shares of the business’s stock in a transaction on Sunday, April 5th. The stock was sold at an average price of $101.45, for a total transaction of $623,816.05. Following the sale, the chief executive officer owned 222,311 shares in the company, valued at $22,553,450.95. The trade was a 2.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $178.99, for a total value of $4,922,225.00. Following the sale, the chief technology officer owned 6,024,870 shares in the company, valued at $1,078,391,481.30. This represents a 0.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $172.17 on Friday. The stock has a market capitalization of $31.76 billion, a P/E ratio of 95.65 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 52 week low of $57.21 and a 52 week high of $213.80. The stock has a fifty day moving average of $139.79 and a 200-day moving average of $142.52.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The business had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.Credo Technology Group’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 EPS. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

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.