US Bancorp DE Lowers Stock Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

US Bancorp DE lessened its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 57.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,971 shares of the company’s stock after selling 5,269 shares during the quarter. US Bancorp DE’s holdings in Credo Technology Group were worth $159,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in CRDO. Envestnet Asset Management Inc. boosted its holdings in Credo Technology Group by 14.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 73,634 shares of the company’s stock valued at $4,949,000 after purchasing an additional 9,131 shares in the last quarter. Cerity Partners LLC purchased a new stake in Credo Technology Group in the 4th quarter valued at approximately $335,000. Barclays PLC boosted its holdings in Credo Technology Group by 11.1% in the 4th quarter. Barclays PLC now owns 266,543 shares of the company’s stock valued at $17,916,000 after purchasing an additional 26,581 shares in the last quarter. Mariner LLC purchased a new stake in Credo Technology Group in the 4th quarter valued at approximately $314,000. Finally, XTX Topco Ltd purchased a new stake in Credo Technology Group in the 4th quarter valued at approximately $446,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Down 0.5%

Shares of NASDAQ CRDO opened at $116.74 on Friday. Credo Technology Group Holding Ltd. has a 12-month low of $24.08 and a 12-month high of $128.56. The company has a market cap of $20.04 billion, a P/E ratio of 432.37, a P/E/G ratio of 2.09 and a beta of 2.59. The stock has a fifty day moving average price of $97.71 and a 200 day moving average price of $68.91.

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 the consensus estimate 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 the consensus estimate of $159.59 million. During the same period in the prior year, the firm earned $0.07 EPS. The firm’s quarterly revenue was up 179.6% compared to the same quarter last year. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Wall Street Zen raised Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Saturday. Noble Financial raised Credo Technology Group to a “strong-buy” rating in a research note on Tuesday, June 3rd. Roth Capital set a $95.00 price target on Credo Technology Group and gave the stock a “buy” rating in a research note on Friday, June 13th. TD Cowen upped their price objective on Credo Technology Group from $85.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, June 18th. Finally, Cowen restated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $91.27.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 150,000 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $106.87, for a total value of $16,030,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,061,978 shares of the company’s stock, valued at $220,363,588.86. This represents a 6.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 59,641 shares of the company’s stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the completion of the transaction, the chief technology officer directly owned 7,603,961 shares of the company’s stock, valued at approximately $569,992,916.56. The trade was a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,274,583 shares of company stock valued at $113,118,257 in the last ninety days. Insiders own 16.04% of the company’s stock.

About Credo Technology Group

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.