Capital Research Global Investors Cuts Holdings in Credo Technology Group Holding Ltd. $CRDO

Capital Research Global Investors cut its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 26.2% during the 4th quarter, Holdings Channel reports. The firm owned 1,631,019 shares of the company’s stock after selling 578,220 shares during the quarter. Capital Research Global Investors’ holdings in Credo Technology Group were worth $234,687,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CRDO. NewEdge Advisors LLC boosted its holdings in Credo Technology Group by 128.4% during the first 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 last quarter. Goldman Sachs Group Inc. boosted its holdings in Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after purchasing an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares during the last quarter. CW Advisors LLC purchased a new position in Credo Technology Group during the second quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $206.89 on Monday. The company’s 50 day moving average is $169.65 and its 200-day moving average is $147.21. Credo Technology Group Holding Ltd. has a 12-month low of $66.75 and a 12-month high of $245.95. The firm has a market cap of $38.16 billion, a P/E ratio of 83.42, a price-to-earnings-growth ratio of 1.34 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 36.99%. The company 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 firm posted $0.20 earnings per share. The company’s quarterly revenue was up 157.0% compared to the same quarter last year. Equities analysts expect that Credo Technology Group Holding Ltd. will post 3.93 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. Rosenblatt Securities boosted their target price on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Roth Mkm boosted their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Finally, Craig Hallum reiterated a “buy” rating and issued a $200.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $248.41.

Insider Activity

In related news, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction that occurred on Tuesday, April 14th. The shares were sold at an average price of $152.63, for a total transaction of $1,156,935.40. Following the sale, the chief financial officer owned 433,678 shares of the company’s stock, valued at approximately $66,192,273.14. This represents a 1.72% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the sale, the insider directly owned 198,609 shares in the company, valued at $32,653,305.69. This trade represents a 4.79% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 386,608 shares of company stock worth $50,371,351. Insiders own 11.84% of the company’s stock.

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.