Credo Technology Group Holding Ltd. $CRDO Shares Sold by Baader Bank Aktiengesellschaft

Baader Bank Aktiengesellschaft trimmed its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 25.9% in the first quarter, Holdings Channel reports. The fund owned 20,827 shares of the company’s stock after selling 7,267 shares during the period. Baader Bank Aktiengesellschaft’s holdings in Credo Technology Group were worth $1,955,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in Credo Technology Group by 9.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after purchasing an additional 23,332 shares in the last quarter. M&T Bank Corp boosted its holdings in Credo Technology Group by 428.8% in the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after acquiring an additional 10,888 shares during the period. FengHe Fund Management Pte. Ltd. grew its position in Credo Technology Group by 5.7% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after acquiring an additional 8,769 shares in the last quarter. Nordea Investment Management AB purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $2,084,000. Finally, Teacher Retirement System of Texas lifted its position in shares of Credo Technology Group by 486.2% during the fourth quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock worth $34,493,000 after purchasing an additional 198,826 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Rothschild & Co Redburn began coverage on Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 target price for the company. Rosenblatt Securities raised their price objective on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Bank of America increased their target price on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Finally, Jefferies Financial Group raised their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $265.33.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $269.84, for a total transaction of $7,420,600.00. Following the completion of the transaction, the chief technology officer owned 5,909,870 shares in the company, valued at approximately $1,594,719,320.80. The trade was a 0.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction on Friday, June 5th. The stock was 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 position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 329,662 shares of company stock valued at $76,068,196 in the last three months. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group Trading Up 4.6%

Shares of NASDAQ CRDO opened at $212.07 on Tuesday. The company has a market cap of $39.55 billion, a price-to-earnings ratio of 85.51, a price-to-earnings-growth ratio of 0.93 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The stock’s 50 day simple moving average is $232.14 and its 200 day simple moving average is $167.76.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million during 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%. The company’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 earnings per share. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

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.