Wellington Grp LLC lowered its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) by 96.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 388 shares of the company’s stock after selling 11,635 shares during the period. Wellington Grp LLC’s holdings in Credo Technology Group were worth $36,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of CRDO. NewEdge Advisors LLC lifted its holdings in Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after buying an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. increased 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 valued at $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 raised its position in shares of Credo Technology Group by 2.3% during 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 in the last quarter. CW Advisors LLC purchased a new stake in Credo Technology Group during the second quarter worth approximately $288,000. Finally, EverSource Wealth Advisors LLC lifted its stake in Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have commented on the stock. Evercore initiated coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price target on the stock. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 price objective for the company. Jefferies Financial Group increased their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. TD Cowen increased their target price on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $266.17.
Credo Technology Group Stock Performance
Shares of NASDAQ CRDO opened at $206.99 on Monday. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67. The stock has a 50 day moving average of $236.60 and a two-hundred day moving average of $171.95. The stock has a market cap of $38.60 billion, a P/E ratio of 83.46, a P/E/G ratio of 0.95 and a beta of 3.23.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company’s revenue was up 157.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.20 earnings per share. As a group, research analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.
Insiders Place Their Bets
In related news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the sale, the chief financial officer owned 504,708 shares in the company, valued at $124,097,603.04. This represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the sale, the chief technology officer owned 5,799,870 shares of the company’s stock, valued at $1,192,105,279.80. This trade represents a 0.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 302,162 shares of company stock valued at $72,810,546. 11.84% of the stock is owned by company insiders.
Credo Technology Group Profile
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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