Oaktree Capital Management LP Takes $50.60 Million Position in Credo Technology Group Holding Ltd. $CRDO

Oaktree Capital Management LP acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 539,000 shares of the company’s stock, valued at approximately $50,596,000. Oaktree Capital Management LP owned approximately 0.29% of Credo Technology Group at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Centaurus Financial Inc. bought a new stake in Credo Technology Group in the first quarter valued at about $426,000. Arkadios Wealth Advisors acquired a new position in shares of Credo Technology Group in the 1st quarter worth approximately $315,000. Atreides Management LP bought a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $102,434,000. Spyglass Capital Management LLC raised its position in shares of Credo Technology Group by 52.2% during the 1st quarter. Spyglass Capital Management LLC now owns 591,990 shares of the company’s stock valued at $55,570,000 after acquiring an additional 203,130 shares in the last quarter. Finally, California State Teachers Retirement System lifted its stake in Credo Technology Group by 2.2% during the first quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after purchasing an additional 5,113 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. TD Cowen lifted their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Rosenblatt Securities lifted their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. Barclays increased their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Bank of America lifted their target price on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Finally, Stifel Nicolaus increased their price target on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $266.17.

Key Headlines Impacting Credo Technology Group

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

• Positive Sentiment: A Seeking Alpha analysis argued that the CRDO sell-off looks overblown, pointing to the company’s strong AI-related growth prospects and suggesting the recent weakness may create an attractive entry point. Credo Stock Sell-Off Looks Overblown
• Positive Sentiment: Credo was included in Zacks’ Rank #1 (Strong Buy) growth-stock list, reinforcing favorable near-term analyst sentiment. Best Growth Stocks to Buy for July 28th
• Positive Sentiment: Analyst coverage remains supportive, with a broad “Buy” consensus and price targets above recent trading levels. The company’s latest reported quarter also showed 157% year-over-year revenue growth, earnings above expectations, and a 35.37% net margin.
• Neutral Sentiment: Credo’s chief technology officer, Chi Fung Cheng, sold 27,500 shares for approximately $5.65 million at an average price of $205.54 on July 27. The sale reduced his holdings by only 0.47%, and it was conducted under a pre-arranged Rule 10b5-1 plan. SEC insider transaction filing
• Negative Sentiment: The CTO has made several scheduled sales in recent months, including another 27,500-share transaction on July 21. While the transactions appear routine and he still owns roughly 5.8 million shares, repeated insider selling can weigh on sentiment, particularly after CRDO’s significant run-up.
• Negative Sentiment: MarketBeat characterized Credo among AI stocks undergoing a summer pullback. Investors may be locking in gains across the AI and semiconductor sector despite continued data-center spending and intact long-term growth catalysts. 5 AI Stocks Are Pulling Back

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $205.54, for a total value of $5,652,350.00. Following the completion of the sale, the chief technology officer directly owned 5,799,870 shares in the company, valued at approximately $1,192,105,279.80. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 329,662 shares of company stock valued at $77,732,771. 11.84% of the stock is owned by corporate insiders.

Credo Technology Group Trading Down 7.7%

Shares of NASDAQ CRDO opened at $177.50 on Thursday. The stock has a 50 day simple moving average of $236.68 and a 200-day simple moving average of $171.23. The company has a market cap of $33.10 billion, a PE ratio of 71.57, a P/E/G ratio of 0.88 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced 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 firm 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%.The company’s revenue was up 157.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.20 earnings per share. Sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Credo Technology Group Company 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.