Healthcare of Ontario Pension Plan Trust Fund Sells 534,111 Shares of Credo Technology Group Holding Ltd. $CRDO

Healthcare of Ontario Pension Plan Trust Fund cut its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 83.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 108,442 shares of the company’s stock after selling 534,111 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned 0.06% of Credo Technology Group worth $10,179,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in CRDO. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after purchasing an additional 77 shares during the last quarter. QRG Capital Management Inc. lifted its stake in Credo Technology Group by 1.7% in the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after purchasing an additional 91 shares during the last quarter. Bank of Nova Scotia lifted its stake in Credo Technology Group by 1.6% in the first quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock worth $566,000 after purchasing an additional 92 shares during the last quarter. Mark Sheptoff Financial Planning LLC boosted its position in Credo Technology Group by 2.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock valued at $741,000 after buying an additional 100 shares during the period. Finally, Spirepoint Private Client LLC boosted its position in Credo Technology Group by 6.6% during the fourth quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock valued at $243,000 after buying an additional 105 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Activity

In other news, CFO Daniel W. Fleming sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. The trade was a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $218.57, for a total value of $12,017,852.88. Following the transaction, the chief executive officer owned 367,327 shares of the company’s stock, valued at approximately $80,286,662.39. This represents a 13.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 302,162 shares of company stock valued at $72,080,421. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $192.28 on Wednesday. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The stock has a market capitalization of $35.86 billion, a PE ratio of 77.53, a PEG ratio of 0.95 and a beta of 3.20. The business’s 50-day moving average is $236.79 and its 200 day moving average is $170.98.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the prior year, the company posted $0.20 EPS. Credo Technology Group’s quarterly revenue was up 157.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. TD Cowen lifted their price objective on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Bank of America lifted their price target on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Stifel Nicolaus increased their price objective on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. JPMorgan Chase & Co. increased their price objective on Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. Finally, Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $266.17.

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.