Janus Henderson Group PLC Sells 607,534 Shares of Credo Technology Group Holding Ltd. $CRDO

Janus Henderson Group PLC lessened its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 38.2% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 983,814 shares of the company’s stock after selling 607,534 shares during the quarter. Janus Henderson Group PLC owned about 0.53% of Credo Technology Group worth $92,350,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the company. Crewe Advisors LLC boosted its stake in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the period. Reflection Asset Management acquired a new position in Credo Technology Group in the fourth quarter valued at about $25,000. Acumen Wealth Advisors LLC bought a new stake in Credo Technology Group during the fourth quarter worth about $25,000. Flagship Harbor Advisors LLC bought a new stake in Credo Technology Group during the fourth quarter worth about $32,000. Finally, AlphaCentric Advisors LLC acquired a new stake in Credo Technology Group during the first quarter worth about $33,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Shares of CRDO opened at $206.99 on Friday. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The stock has a market capitalization of $38.60 billion, a price-to-earnings ratio of 83.46, a PEG ratio of 0.92 and a beta of 3.20. The stock has a fifty day moving average of $236.60 and a 200-day moving average of $171.84.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the previous 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 analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of the business’s 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 directly owned 5,799,870 shares in the company, valued at approximately $1,192,105,279.80. The trade was a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the transaction, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 302,162 shares of company stock worth $72,810,546 over the last three months. Insiders own 11.84% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on CRDO shares. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Needham & Company LLC upped their target price on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Rosenblatt Securities raised their target price on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group reiterated a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Finally, Barclays boosted their price target on Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $266.17.

Credo Technology Group Company 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.