Healthcare of Ontario Pension Plan Trust Fund Sells 534,111 Shares of Credo Technology Group Holding Ltd. $CRDO

Healthcare of Ontario Pension Plan Trust Fund cut its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 83.1% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 108,442 shares of the company’s stock after selling 534,111 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Credo Technology Group were worth $10,179,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Crewe Advisors LLC grew its holdings in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares during the period. Acumen Wealth Advisors LLC bought a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $25,000. Reflection Asset Management purchased a new stake in Credo Technology Group in the fourth quarter worth $25,000. Flagship Harbor Advisors LLC purchased a new stake in Credo Technology Group in the fourth quarter worth $32,000. Finally, AlphaCentric Advisors LLC bought a new position in Credo Technology Group in the first quarter worth $33,000. 80.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on CRDO shares. Stifel Nicolaus raised their price objective on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Barclays upped their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Mizuho lifted their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Bank of America boosted their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Finally, 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 objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and an average target price of $266.17.

Credo Technology Group Trading Down 7.6%

Credo Technology Group stock opened at $192.28 on Wednesday. The business’s fifty day simple moving average is $236.79 and its two-hundred day simple moving average is $170.98. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The company has a market capitalization of $35.86 billion, a price-to-earnings ratio of 77.53, a price-to-earnings-growth ratio of 0.95 and a beta of 3.20.

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

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the completion of the transaction, the chief technology officer directly owned 5,882,370 shares of the company’s stock, valued at $1,429,768,852.20. This trade represents a 0.47% 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. Insiders have sold a total of 302,162 shares of company stock worth $72,080,421 in the last quarter. Corporate 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.