Westfield Capital Management Co. LP Reduces Stock Position in Credo Technology Group Holding Ltd. $CRDO

Westfield Capital Management Co. LP decreased its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 10.5% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 472,841 shares of the company’s stock after selling 55,537 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Credo Technology Group were worth $68,850,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRDO. Atlantic Union Bankshares Corp acquired a new stake in shares of Credo Technology Group in the 3rd quarter worth $25,000. First Horizon Corp purchased a new stake in shares of Credo Technology Group in the third quarter valued at about $26,000. Smartleaf Asset Management LLC increased its position in Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after purchasing an additional 147 shares during the last quarter. Park Place Capital Corp acquired a new stake in Credo Technology Group during the third quarter worth about $41,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in Credo Technology Group during the second quarter worth about $27,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $123.46 on Thursday. The company has a market capitalization of $22.30 billion, a PE ratio of 108.30 and a beta of 2.65. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80. The firm has a 50 day moving average price of $135.02 and a 200 day moving average price of $143.56.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate 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 business had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same period last year, the business posted $0.07 earnings per share. The company’s quarterly revenue was up 272.1% on a year-over-year basis. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were 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 approximately $61,276,000. This trade represents a 48.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the completion of the transaction, the chief executive officer owned 1,892,502 shares of the company’s stock, valued at $289,855,606.32. This trade represents 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 three months. 11.84% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CRDO shares. New Street Research set a $240.00 price target on shares of Credo Technology Group in a research note on Tuesday, December 2nd. TD Cowen reiterated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Needham & Company LLC reissued a “buy” rating and set a $220.00 target price on shares of Credo Technology Group in a research note on Tuesday, February 10th. KGI Securities upgraded Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price on the stock in a research report on Tuesday, December 2nd. Finally, Rosenblatt Securities initiated coverage on Credo Technology Group in a research note on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $209.29.

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.