Credo Technology Group Holding Ltd. $CRDO Shares Sold by Oak Ridge Investments LLC

Oak Ridge Investments LLC decreased its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 19.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,910 shares of the company’s stock after selling 10,247 shares during the period. Oak Ridge Investments LLC’s holdings in Credo Technology Group were worth $6,248,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. First Horizon Corp acquired a new position in shares of Credo Technology Group during the third quarter valued at approximately $26,000. Park Place Capital Corp acquired a new stake in shares of Credo Technology Group in the third quarter valued at $41,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Credo Technology Group during the second quarter worth about $27,000. Midwest Capital Advisors LLC bought a new stake in Credo Technology Group in the third quarter worth about $45,000. Finally, Wolff Wiese Magana LLC grew its stake in shares of Credo Technology Group by 200.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 450 shares of the company’s stock worth $42,000 after purchasing an additional 300 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Performance

CRDO stock opened at $150.97 on Friday. The firm has a 50 day simple moving average of $152.88 and a 200 day simple moving average of $139.06. Credo Technology Group Holding Ltd. has a 52 week low of $29.09 and a 52 week high of $213.80. The stock has a market cap of $27.27 billion, a P/E ratio of 132.43 and a beta of 2.66.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The company had revenue of $268.03 million during the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the prior year, the firm earned $0.07 EPS. The company’s revenue was up 272.1% compared to the same quarter last year. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $156.32, for a total value of $8,597,600.00. Following the transaction, the chief technology officer owned 6,668,961 shares in the company, valued at approximately $1,042,491,983.52. This represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $171.23, for a total transaction of $8,561,500.00. Following the completion of the sale, the chief executive officer directly owned 1,942,502 shares of the company’s stock, valued at $332,614,617.46. This represents a 2.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,090,476 shares of company stock worth $167,418,363 over the last 90 days. 11.84% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

CRDO has been the subject of a number of research reports. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a report on Tuesday, December 2nd. Needham & Company LLC raised their price objective on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Roth Capital raised their target price on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Finally, JPMorgan Chase & Co. began coverage on shares of Credo Technology Group in a report on Friday, October 17th. They set an “overweight” rating and a $165.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and an average price target of $220.42.

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.