Carnegie Investment Counsel Sells 129,024 Shares of Credo Technology Group Holding Ltd. $CRDO

Carnegie Investment Counsel trimmed its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 33.7% during the 3rd quarter, Holdings Channel.com reports. The fund owned 253,467 shares of the company’s stock after selling 129,024 shares during the period. Carnegie Investment Counsel’s holdings in Credo Technology Group were worth $36,907,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. HighTower Advisors LLC bought a new stake in Credo Technology Group during the 1st quarter valued at approximately $244,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Credo Technology Group during the 1st quarter valued at approximately $25,000. Ieq Capital LLC bought a new stake in shares of Credo Technology Group during the first quarter valued at approximately $402,000. Magnetar Financial LLC purchased a new position in shares of Credo Technology Group in the first quarter worth $2,285,000. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Credo Technology Group by 74.3% during the first quarter. The Manufacturers Life Insurance Company now owns 1,098,369 shares of the company’s stock worth $44,110,000 after acquiring an additional 468,145 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

CRDO has been the topic of a number of research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Credo Technology Group in a report on Monday, December 15th. Roth Capital lifted their target price on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. William Blair initiated coverage on Credo Technology Group in a research note on Thursday, September 18th. They set an “outperform” rating for the company. TD Cowen lifted their price objective on Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Finally, Needham & Company LLC upped their price objective on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Buy” and an average price target of $206.85.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, October 27th. The shares were sold at an average price of $156.32, for a total value of $8,597,600.00. Following the completion of the sale, the chief technology officer owned 6,668,961 shares in the company, valued at approximately $1,042,491,983.52. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel W. Fleming sold 112,580 shares of the company’s stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total transaction of $15,558,556.00. Following the transaction, the chief financial officer owned 458,678 shares in the company, valued at $63,389,299.60. The trade was a 19.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,311,246 shares of company stock valued at $199,553,783 over the last three months. 11.84% of the stock is owned by company insiders.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $144.83 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The business’s 50 day moving average is $157.40 and its two-hundred day moving average is $132.12. The stock has a market capitalization of $26.16 billion, a P/E ratio of 127.04 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company’s quarterly revenue was up 272.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.07 EPS. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal 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.