Bank of New York Mellon Corp Lowers Stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Bank of New York Mellon Corp decreased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 1.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 552,099 shares of the company’s stock after selling 10,283 shares during the period. Bank of New York Mellon Corp owned about 0.33% of Credo Technology Group worth $22,172,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $117,242,000. Alliancebernstein L.P. boosted its stake in shares of Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after purchasing an additional 1,305,594 shares during the period. Polar Capital Holdings Plc boosted its stake in shares of Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock valued at $97,527,000 after purchasing an additional 1,150,084 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Credo Technology Group by 441.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock valued at $65,594,000 after purchasing an additional 795,751 shares during the period. Finally, Bank of America Corp DE boosted its stake in Credo Technology Group by 281.7% during the 4th quarter. Bank of America Corp DE now owns 391,446 shares of the company’s stock valued at $26,309,000 after acquiring an additional 606,850 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 2.7%

Shares of Credo Technology Group stock opened at $98.45 on Friday. Credo Technology Group Holding Ltd. has a 52 week low of $22.50 and a 52 week high of $104.35. The stock’s 50-day simple moving average is $77.79 and its 200-day simple moving average is $63.51. The company has a market capitalization of $16.90 billion, a price-to-earnings ratio of 364.63, a PEG ratio of 1.82 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The firm had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same quarter in the previous year, the business earned $0.07 earnings per share. Credo Technology Group’s quarterly revenue was up 179.6% on a year-over-year basis. On average, equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 59,641 shares of the business’s stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $74.96, for a total value of $4,470,689.36. Following the completion of the sale, the chief technology officer directly owned 7,603,961 shares of the company’s stock, valued at $569,992,916.56. The trade was a 0.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lip Bu Tan sold 171,473 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the completion of the sale, the director owned 613,725 shares in the company, valued at $47,809,177.50. This represents a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,078,139 shares of company stock valued at $82,013,680. Insiders own 16.04% of the company’s stock.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of analyst reports. Susquehanna reaffirmed a “positive” rating and issued a $90.00 price objective (up previously from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the company an “overweight” rating in a research report on Tuesday, June 3rd. Cowen restated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, July 12th. Finally, Needham & Company LLC upped their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $82.45.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.