Stephens Inc. AR Sells 12,174 Shares of Credo Technology Group Holding Ltd. $CRDO

Stephens Inc. AR reduced its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 62.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,371 shares of the company’s stock after selling 12,174 shares during the quarter. Stephens Inc. AR’s holdings in Credo Technology Group were worth $1,073,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. First Horizon Corp bought a new position in Credo Technology Group in the third quarter worth about $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in shares of Credo Technology Group in the 2nd quarter worth approximately $27,000. Park Place Capital Corp bought a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $41,000. Wolff Wiese Magana LLC lifted its position in Credo Technology Group by 200.0% during the second quarter. Wolff Wiese Magana LLC now owns 450 shares of the company’s stock valued at $42,000 after acquiring an additional 300 shares during the last quarter. Finally, Cullen Frost Bankers Inc. boosted its stake in Credo Technology Group by 278.4% in the second quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock valued at $44,000 after acquiring an additional 348 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 1.2%

Shares of NASDAQ:CRDO opened at $150.97 on Monday. 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 price-to-earnings ratio of 132.43 and a beta of 2.66. The business has a 50-day moving average price of $152.88 and a 200-day moving average price of $139.41.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $234.99 million. During the same quarter in the prior year, the company earned $0.07 EPS. Credo Technology Group’s quarterly revenue was up 272.1% on a year-over-year basis. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.19, for a total value of $56,680,300.00. Following the completion of the transaction, the chief operating officer owned 400,000 shares of the company’s stock, valued at $61,276,000. The trade was a 48.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $171.23, for a total value of $8,561,500.00. Following the completion of the sale, the chief executive officer owned 1,942,502 shares in the company, valued at $332,614,617.46. The trade was a 2.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,035,476 shares of company stock worth $159,149,663 over the last three months. Company insiders own 11.84% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of recent analyst reports. Bank of America upped their price target on Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. TD Cowen boosted their target price on Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Wolfe Research set a $240.00 price target on Credo Technology Group in a research note on Tuesday, December 2nd. Mizuho raised their price target on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, December 2nd. Finally, New Street Research set a $240.00 price objective on shares of Credo Technology Group in a report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $220.42.

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.