Credo Technology Group Holding Ltd. $CRDO Shares Sold by Abel Hall LLC

Abel Hall LLC trimmed its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 46.1% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 4,530 shares of the company’s stock after selling 3,876 shares during the period. Abel Hall LLC’s holdings in Credo Technology Group were worth $425,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRDO. Vanguard Group Inc. lifted 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 purchasing an additional 59,849 shares during the last quarter. State Street Corp increased its position in shares of 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 purchasing an additional 849,654 shares during the last quarter. Geode Capital Management LLC raised its holdings in Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after buying an additional 184,676 shares during the period. Corient Private Wealth LLC raised its holdings in Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after buying an additional 3,597,318 shares during the period. Finally, Alliancebernstein L.P. lifted its position 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 buying an additional 1,218,504 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CRDO shares. The Goldman Sachs Group reiterated a “buy” rating and set a $250.00 price target on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Jefferies Financial Group upped their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Bank of America lifted their target price on shares of Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Roth Mkm boosted their target price on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Finally, Stifel Nicolaus upped their price target on Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $263.11.

Insiders Place Their Bets

In other news, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares in the company, valued at approximately $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $269.84, for a total value of $7,420,600.00. Following the completion of the transaction, the chief technology officer owned 5,909,870 shares of the company’s stock, valued at approximately $1,594,719,320.80. This trade represents a 0.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 363,372 shares of company stock valued at $76,926,125. 11.84% of the stock is owned by company insiders.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $265.55 on Tuesday. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The company has a 50 day moving average price of $222.52 and a 200 day moving average price of $161.46. The stock has a market capitalization of $49.52 billion, a P/E ratio of 107.08, a price-to-earnings-growth ratio of 1.11 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 earnings per share (EPS) for the quarter, topping 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 company had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same period in the prior year, the business earned $0.20 EPS. The firm’s quarterly revenue was up 157.0% on a year-over-year basis. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

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.