Liontrust Investment Partners LLP Sells 127,274 Shares of Credo Technology Group Holding Ltd. $CRDO

Liontrust Investment Partners LLP lowered its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 83.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 25,476 shares of the company’s stock after selling 127,274 shares during the period. Liontrust Investment Partners LLP’s holdings in Credo Technology Group were worth $6,928,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. NewEdge Advisors LLC lifted its stake in Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after acquiring an additional 3,972 shares during the period. Goldman Sachs Group Inc. increased its position in Credo Technology Group by 63.0% during 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 increased its position in 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 during the period. CW Advisors LLC bought a new position in Credo Technology Group in the 2nd quarter worth $288,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $232.75 on Friday. The firm has a market capitalization of $43.74 billion, a P/E ratio of 93.85, a PEG ratio of 1.10 and a beta of 3.23. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67. The company’s 50-day simple moving average is $238.64 and its 200 day simple moving average is $186.88.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter last year, the firm earned $0.20 earnings per share. The business’s revenue for the quarter was up 157.0% on a year-over-year basis. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 7,580 shares of the business’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 in the company, valued at $124,097,603.04. The trade was a 1.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Tung Lam sold 55,441 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the transaction, the chief operating officer directly owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 435,076 shares of company stock valued at $101,043,506. Insiders own 11.84% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the subject of several research analyst reports. The Goldman Sachs Group restated a “buy” rating and issued a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Stifel Nicolaus increased their target price on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research report on Monday, June 22nd. Bank of America raised their target price on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Wall Street Zen lowered Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Roth Capital upped their price target on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $268.39.

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.