Braun Stacey Associates Inc. Sells 27,795 Shares of Credo Technology Group Holding Ltd. $CRDO

Braun Stacey Associates Inc. reduced its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 10.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 243,875 shares of the company’s stock after selling 27,795 shares during the quarter. Credo Technology Group accounts for 1.1% of Braun Stacey Associates Inc.’s holdings, making the stock its 24th biggest position. Braun Stacey Associates Inc.’s holdings in Credo Technology Group were worth $35,091,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CRDO. Savant Capital LLC boosted its position in shares of Credo Technology Group by 0.7% during the 3rd quarter. Savant Capital LLC now owns 9,914 shares of the company’s stock valued at $1,444,000 after purchasing an additional 68 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its position 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 period. Illinois Municipal Retirement Fund grew its position in shares of Credo Technology Group by 0.6% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company’s stock worth $2,298,000 after buying an additional 91 shares during the period. Versant Capital Management Inc increased its stake in shares of Credo Technology Group by 18.0% in the 3rd quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock valued at $97,000 after acquiring an additional 101 shares in the last quarter. Finally, Crewe Advisors LLC increased its stake in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $101.45 on Friday. The stock has a market capitalization of $18.71 billion, a P/E ratio of 56.36 and a beta of 2.72. The company has a 50-day moving average price of $113.21 and a 200-day moving average price of $138.86. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. During the same quarter in the previous year, the firm posted $0.25 EPS. Credo Technology Group’s revenue was up 201.5% on a year-over-year basis. 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.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Tuesday, March 31st. The shares were sold at an average price of $91.28, for a total transaction of $2,510,200.00. Following the sale, the chief technology officer directly owned 6,189,870 shares of the company’s stock, valued at $565,011,333.60. This represents a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $128.67, for a total transaction of $241,256.25. Following the transaction, the director owned 5,892,034 shares of the company’s stock, valued at $758,128,014.78. This represents a 0.03% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 396,101 shares of company stock worth $49,093,420. Company insiders own 11.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Stifel Nicolaus set a $200.00 price target on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Roth Mkm reduced their target price on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Barclays reaffirmed an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a research report on Thursday, January 15th. Mizuho cut their price target on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, March 3rd. Finally, Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $206.33.

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.