Hsbc Holdings PLC Lowers Position in Credo Technology Group Holding Ltd. $CRDO

Hsbc Holdings PLC lessened its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 23.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 36,767 shares of the company’s stock after selling 11,274 shares during the quarter. Hsbc Holdings PLC’s holdings in Credo Technology Group were worth $5,341,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Corient Private Wealth LLC raised its holdings in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares in the last quarter. Amundi lifted its position in Credo Technology Group by 28,478.2% during the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock valued at $224,439,000 after buying an additional 1,554,338 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Credo Technology Group by 841.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock valued at $228,979,000 after buying an additional 1,422,391 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after buying an additional 1,406,752 shares in the last quarter. Finally, Rafferty Asset Management LLC purchased a new stake in shares of Credo Technology Group in the 3rd quarter worth about $183,553,000. 80.46% of the stock is currently owned by institutional investors.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Friday, April 10th. The shares were sold at an average price of $118.25, for a total transaction of $3,251,875.00. Following the sale, the chief technology officer owned 6,134,870 shares in the company, valued at $725,448,377.50. This represents a 0.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This trade represents a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 416,884 shares of company stock worth $77,492,368. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $238.44 on Friday. The firm has a market cap of $44.47 billion, a PE ratio of 96.15, a P/E/G ratio of 1.09 and a beta of 3.22. The stock has a 50-day moving average price of $213.03 and a 200-day moving average price of $157.26. Credo Technology Group Holding Ltd. has a 1 year low of $84.25 and a 1 year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. Credo Technology Group’s revenue for the quarter was up 157.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.20 EPS. As a group, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Analysts Set New Price Targets

CRDO has been the subject of several research reports. JPMorgan Chase & Co. increased their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 2nd. TD Cowen boosted their price objective on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Bank of America upped their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Susquehanna boosted their price target on Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research report on Tuesday, June 2nd. Finally, Rothschild & Co Redburn started coverage on Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $263.11.

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.