Royal Bank of Canada Sells 80,182 Shares of Credo Technology Group Holding Ltd. $CRDO

Royal Bank of Canada reduced its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 71.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 32,364 shares of the company’s stock after selling 80,182 shares during the period. Royal Bank of Canada’s holdings in Credo Technology Group were worth $3,039,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its stake 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 worth $80,000 after buying an additional 77 shares during the last quarter. QRG Capital Management Inc. increased its position in shares of Credo Technology Group by 1.7% in the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after acquiring an additional 91 shares during the last quarter. Bank of Nova Scotia increased its position in shares of Credo Technology Group by 1.6% in the first quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock valued at $566,000 after acquiring an additional 92 shares during the last quarter. Mark Sheptoff Financial Planning LLC raised its holdings 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 worth $741,000 after acquiring an additional 100 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its holdings in Credo Technology Group by 14.8% during the third quarter. CIBC Private Wealth Group LLC now owns 861 shares of the company’s stock worth $125,000 after acquiring an additional 111 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on CRDO shares. JPMorgan Chase & Co. raised their price target 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. Rosenblatt Securities upped their price objective on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, June 2nd. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 price objective for the company. Stifel Nicolaus raised their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. Finally, Roth Capital boosted their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $266.17.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 55,441 shares of the stock in a transaction on Friday, July 31st. The stock was sold at an average price of $213.02, for a total value of $11,810,041.82. Following the sale, the chief operating officer owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. This represents a 2.15% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction 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 sale, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at $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 quarter, insiders have sold 435,076 shares of company stock valued at $101,043,506. 11.84% of the stock is owned by insiders.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $259.90 on Friday. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The company has a market capitalization of $48.47 billion, a P/E ratio of 104.80, a price-to-earnings-growth ratio of 1.19 and a beta of 3.23. The company has a 50-day simple moving average of $241.19 and a 200 day simple moving average of $178.53.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results 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. The firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business’s revenue was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 earnings per share. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

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.