First Trust Advisors LP Sells 7,294 Shares of Credo Technology Group Holding Ltd. $CRDO

First Trust Advisors LP decreased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 2.8% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 255,744 shares of the company’s stock after selling 7,294 shares during the period. First Trust Advisors LP’s holdings in Credo Technology Group were worth $24,007,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRDO. Vanguard Group Inc. increased its stake in shares of Credo Technology Group by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after acquiring an additional 59,849 shares during the last quarter. State Street Corp boosted its stake in Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock worth $645,537,000 after acquiring an additional 849,654 shares during the last quarter. Geode Capital Management LLC boosted its stake in Credo Technology Group by 5.0% during the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after acquiring an additional 184,676 shares during the last quarter. Corient Private Wealth LLC grew its holdings in Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after purchasing an additional 3,597,318 shares during the period. Finally, Alliancebernstein L.P. increased its stake in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $192.28 on Wednesday. The stock has a market cap of $35.86 billion, a price-to-earnings ratio of 77.53, a PEG ratio of 0.95 and a beta of 3.20. The business has a 50 day simple moving average of $236.79 and a 200 day simple moving average of $170.98. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67.

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, 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 firm 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 business’s revenue was up 157.0% on a year-over-year basis. On average, analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have weighed in on CRDO. Roth Capital increased 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. Evercore assumed coverage on shares of Credo Technology Group in a report on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price target for the company. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Finally, Barclays raised their price objective on Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and a consensus price target of $266.17.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction 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 of the company’s stock, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Fariba Danesh sold 1,100 shares of the company’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $236.34, for a total transaction of $259,974.00. Following the completion of the transaction, the director directly owned 7,017 shares of the company’s stock, valued at approximately $1,658,397.78. The trade was a 13.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 302,162 shares of company stock valued at $72,080,421 over the last quarter. Corporate insiders own 11.84% of the company’s stock.

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.