Truist Financial Corp lessened its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) by 46.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,873 shares of the company’s stock after selling 8,579 shares during the quarter. Truist Financial Corp’s holdings in Credo Technology Group were worth $1,421,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in CRDO. NewEdge Advisors LLC lifted its holdings in shares of Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after acquiring an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after acquiring an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after acquiring an additional 7,107 shares during the last quarter. CW Advisors LLC bought a new stake in shares of Credo Technology Group in the 2nd quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after acquiring an additional 333 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.
Insider Buying and Selling
In other news, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 386,608 shares of company stock worth $50,371,351. Corporate insiders own 11.84% of the company’s stock.
Credo Technology Group Stock Performance
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The business had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same period last year, the company posted $0.25 earnings per share. Equities research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several research firms have recently issued reports on CRDO. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, April 24th. Roth Mkm lowered their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Stifel Nicolaus set a $200.00 target price on shares of Credo Technology Group in a report on Tuesday, March 3rd. Susquehanna lowered their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a report on Tuesday, March 3rd. Finally, Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $207.71.
Check Out Our Latest Stock Report on CRDO
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.
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