Royal Bank of Canada Has $3.04 Million Stock Position in Credo Technology Group Holding Ltd. $CRDO

Royal Bank of Canada reduced its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 71.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,364 shares of the company’s stock after selling 80,182 shares during the period. Royal Bank of Canada’s holdings in Credo Technology Group were worth $3,039,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. boosted its stake 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 acquiring an additional 23,332 shares during the last quarter. FengHe Fund Management Pte. Ltd. increased its stake in Credo Technology Group by 5.7% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after purchasing an additional 8,769 shares in the last quarter. M&T Bank Corp raised its holdings in Credo Technology Group by 428.8% in the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after purchasing an additional 10,888 shares during the period. Teacher Retirement System of Texas raised its holdings in Credo Technology Group by 486.2% in 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 boosted its position 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 worth $38,013,000 after purchasing an additional 13,881 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on CRDO shares. TD Cowen boosted their price target on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Mizuho raised their price objective on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 2nd. Roth Capital lifted their target price on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 target price for the company. Finally, Zacks Research downgraded Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $266.17.

Insider Activity

In related news, COO Yat Tung Lam sold 55,441 shares of the stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the transaction, the chief operating officer directly owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. This trade represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction that occurred on 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 directly owned 504,708 shares in the company, valued at approximately $124,097,603.04. This represents a 1.48% 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. Insiders have sold a total of 435,076 shares of company stock worth $101,043,506 over the last three months. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Down 2.3%

Shares of NASDAQ:CRDO opened at $259.90 on Friday. The firm has a market cap of $48.47 billion, a price-to-earnings ratio of 104.80, a PEG ratio of 1.19 and a beta of 3.23. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The company’s fifty day simple moving average is $241.19 and its 200 day simple moving average is $178.53.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share 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 net margin of 35.37% and a return on equity of 32.30%. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period in the prior year, the business earned $0.20 EPS. Research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal 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.