Axa S.A., the French multinational insurance firm, recently made a significant investment in Credo Technology Group Holding Ltd. by acquiring a stake valued at approximately $16.14 million. According to HoldingsChannel, during the second quarter, Axa purchased 174,272 shares of the company’s stock, reflecting a strategic move in the technology sector.
A variety of institutional investors have also shown interest in Credo Technology Group, with several hedge funds recently entering or adjusting their positions. For instance, Northwestern Mutual Wealth Management Co. acquired a new stake valued at about $25,000 in the first quarter. Similarly, Pinpoint Asset Management Singapore Pte. Ltd. purchased shares worth approximately $27,000 during the second quarter. In another development, Virtus Advisers LLC increased its stake by acquiring shares valued at $31,000.
Notably, Wolff Wiese Magana LLC expanded its position by 200% in the second quarter, bringing its total ownership to 450 shares valued at about $42,000. Cullen Frost Bankers Inc. also raised its stake by 278.4%, owning 473 shares worth approximately $44,000 after buying an additional 348 shares. Overall, institutional investors and hedge funds now control 80.46% of Credo Technology Group’s stock.
In related news, CEO William Joseph Brennan sold 18,016 shares on October 30, 2023, at an average price of $171.23, totaling around $3.08 million. Post-sale, Brennan retains 319,907 shares, valued at approximately $54.78 million, indicating a 5.33% decrease in his ownership stake. Details of this transaction are available in filings with the U.S. Securities and Exchange Commission (SEC).
Additionally, Director Pantas Sutardja sold 1,875 shares on November 3, 2023, for a total of $355,031, which slightly reduced his holdings to 5,893,909 shares, valued at around $1.12 billion. In total, insiders have sold 961,246 shares valued at $149 million in the last quarter, with insiders owning 11.84% of the company.
Stock Performance and Earnings Report
On the trading front, Credo Technology Group’s stock opened at $157.98 recently. The company boasts a market capitalization of $28.54 billion, a price-to-earnings (PE) ratio of 138.58, and a beta of 2.63. Over the past year, the stock has seen a low of $29.09 and a high of $213.80.
Credo Technology Group reported its earnings on December 1, 2023. The company announced earnings per share (EPS) of $0.67, surpassing analysts’ expectations of $0.49 by $0.18. The revenue for the quarter was $268.03 million, exceeding estimates of $234.99 million. This reflects a year-over-year revenue increase of 272.1%. The previous year’s EPS for the same quarter was only $0.07. Analysts are projecting an EPS of $0.13 for the current fiscal year.
About Credo Technology Group
Credo Technology Group Holding Ltd. specializes in high-speed connectivity solutions for optical and electrical Ethernet applications, serving markets in the United States, Taiwan, Mainland China, Hong Kong, and globally. Its product range includes HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and integrated circuits.
For those interested in tracking further developments and holdings of Credo Technology Group, detailed reports on institutional investments are available through platforms such as HoldingsChannel.
