Ethic Inc. Buys 9,070 Shares of Credo Technology Group Holding Ltd. $CRDO

Ethic Inc. lifted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 115.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,905 shares of the company’s stock after purchasing an additional 9,070 shares during the quarter. Ethic Inc.’s holdings in Credo Technology Group were worth $3,293,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in CRDO. StoneX Group Inc. bought a new stake in Credo Technology Group in the 3rd quarter valued at about $399,000. Pictet Asset Management Holding SA boosted its holdings in Credo Technology Group by 222.5% in the third quarter. Pictet Asset Management Holding SA now owns 740,487 shares of the company’s stock worth $144,170,000 after acquiring an additional 510,905 shares in the last quarter. Formidable Asset Management LLC boosted its holdings in Credo Technology Group by 68.5% in the third quarter. Formidable Asset Management LLC now owns 3,775 shares of the company’s stock worth $735,000 after acquiring an additional 1,535 shares in the last quarter. OPTIMAS CAPITAL Ltd bought a new position in Credo Technology Group in the third quarter worth approximately $1,928,000. Finally, Heritage Family Offices LLP acquired a new stake in Credo Technology Group in the third quarter valued at approximately $87,000. Institutional investors own 80.46% of the company’s stock.

Trending Headlines about Credo Technology Group

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

• Positive Sentiment: Credo’s revenue more than doubled year over year in its latest reported quarter, and the company has maintained a long streak of earnings beats. Analysts have reportedly raised estimates, supporting the case that its AI-connectivity business could continue growing. Article: Wall Street May Be Underestimating This AI Chip Stock’s Next Growth Phase
• Positive Sentiment: Credo and Oracle helped advance two Open Compute Project optical telemetry standards intended to improve monitoring and reliability in AI data-center networks. The development reinforces the company’s position in AI infrastructure. Article: Credo Technology Group Helped Set New AI Network Standards
• Neutral Sentiment: CRDO previously rebounded amid a broad technology rally and dip-buying after a sharp selloff. Reports suggested the move reflected renewed interest in its AI-networking outlook and recent results, rather than a single new catalyst. Article: Credo Technology Advances Amid Broad Tech Rally
• Negative Sentiment: Despite rapid growth, Credo depends on a small number of large AI customers, leaving results exposed to changes in their spending. Articles also question whether its valuation still leaves room for gains amid concerns about the AI trade. Article: Is Credo Technology Stock a Buy Right Now?
• Negative Sentiment: Reported insider transactions show sales and no purchases over the past six months, which may add to investor caution. The stock has also fallen substantially from its peak, suggesting the market is reassessing its growth expectations and valuation.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Mizuho decreased their price objective on Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating for the company in a report on Monday, September 21st. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Bank of America cut their target price on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a report on Wednesday, September 2nd. Weiss Ratings downgraded shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. Finally, Rosenblatt Securities restated a “neutral” rating and set a $235.00 price target on shares of Credo Technology Group in a research note on Thursday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $262.67.

Credo Technology Group Stock Performance

CRDO stock opened at $129.80 on Wednesday. The company has a market capitalization of $24.40 billion, a P/E ratio of 44.90, a price-to-earnings-growth ratio of 0.53 and a beta of 3.29. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The business has a 50-day simple moving average of $174.75 and a two-hundred day simple moving average of $180.23.

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

Insider Activity at Credo Technology Group

In related news, COO Yat Lam sold 50,000 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $511,452,564.70. This represents a 1.98% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 firm’s stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $193.93, for a total value of $5,333,075.00. Following the transaction, the chief technology officer owned 5,662,397 shares in the company, valued at approximately $1,098,108,650.21. This trade represents a 0.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 352,538 shares of company stock valued at $67,200,077 over the last 90 days. Insiders own 9.06% of the company’s stock.

About Credo Technology Group

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.