Hillsdale Investment Management Inc. Sells 14,040 Shares of Credo Technology Group Holding Ltd. $CRDO

Hillsdale Investment Management Inc. cut its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 15.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 78,310 shares of the company’s stock after selling 14,040 shares during the period. Hillsdale Investment Management Inc.’s holdings in Credo Technology Group were worth $11,403,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. NewEdge Advisors LLC lifted its position 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 purchasing an additional 3,972 shares during the period. Goldman Sachs Group Inc. lifted its stake 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 purchasing an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 valued at $12,480,000 after purchasing an additional 7,107 shares in the last quarter. Sequoia Financial Advisors LLC bought a new stake in Credo Technology Group in the second quarter worth approximately $216,000. Finally, Stephens Inc. AR acquired a new position in Credo Technology Group in the second quarter valued at approximately $1,810,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $174.70, for a total transaction of $9,608,500.00. Following the completion of the transaction, the chief technology officer owned 6,613,961 shares in the company, valued at approximately $1,155,458,986.70. This represents a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the sale, the chief executive officer owned 1,892,502 shares of the company’s stock, valued at approximately $289,855,606.32. The trade was a 2.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 917,976 shares of company stock worth $136,567,647 in the last quarter. 11.84% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CRDO shares. Barclays reaffirmed an “overweight” rating and set a $260.00 price objective on shares of Credo Technology Group in a research report on Thursday, January 15th. TD Cowen reissued a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Mizuho raised their price target on shares of Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a report on Tuesday, December 2nd. Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a report on Tuesday, December 2nd. Finally, Needham & Company LLC restated a “buy” rating and issued a $220.00 target price on shares of Credo Technology Group in a research note on Tuesday, February 10th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $209.29.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $124.06 on Friday. The company has a 50-day moving average price of $135.98 and a 200-day moving average price of $143.25. The stock has a market capitalization of $22.41 billion, a P/E ratio of 108.83 and a beta of 2.65. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same quarter last year, the company earned $0.07 earnings per share. The company’s revenue for the quarter was up 272.1% on a year-over-year basis. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

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.