Blueshift Asset Management LLC Sells 7,598 Shares of Credo Technology Group Holding Ltd. $CRDO

Blueshift Asset Management LLC lowered its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 48.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 7,985 shares of the company’s stock after selling 7,598 shares during the quarter. Blueshift Asset Management LLC’s holdings in Credo Technology Group were worth $739,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in CRDO. OMERS ADMINISTRATION Corp acquired a new stake in shares of Credo Technology Group during the second quarter worth $1,518,000. Wealthedge Investment Advisors LLC acquired a new stake in shares of Credo Technology Group in the 2nd quarter valued at about $828,000. Lido Advisors LLC bought a new stake in shares of Credo Technology Group in the second quarter valued at about $310,000. New York State Common Retirement Fund boosted its position in shares of Credo Technology Group by 23.1% during the second quarter. New York State Common Retirement Fund now owns 70,765 shares of the company’s stock worth $6,552,000 after buying an additional 13,283 shares during the period. Finally, F m Investments LLC grew its holdings in shares of Credo Technology Group by 22.4% during the second quarter. F m Investments LLC now owns 43,167 shares of the company’s stock worth $3,997,000 after buying an additional 7,907 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CRDO shares. Needham & Company LLC upped their price target on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Tuesday. Susquehanna increased their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a report on Wednesday, October 22nd. Barclays lifted their price target on shares of Credo Technology Group from $165.00 to $220.00 and gave the company an “overweight” rating in a research note on Tuesday. Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a research note on Tuesday. Finally, New Street Research set a $240.00 target price on Credo Technology Group in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $206.85.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $188.44 on Wednesday. The company’s 50-day moving average is $153.04 and its 200-day moving average is $121.64. The firm has a market capitalization of $32.60 billion, a PE ratio of 165.30 and a beta of 2.63. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a return on equity of 30.68% and a net margin of 26.63%.Credo Technology Group’s quarterly revenue was up 272.1% on a year-over-year basis. During the same quarter last year, the company posted $0.07 earnings per share. As a group, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Transactions at Credo Technology Group

In related news, COO Yat Tung Lam sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $143.53, for a total transaction of $11,482,400.00. Following the transaction, the chief operating officer directly owned 920,000 shares of the company’s stock, valued at approximately $132,047,600. The trade was a 8.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel W. Fleming sold 112,580 shares of the stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the sale, the chief financial officer owned 458,678 shares in the company, valued at approximately $63,389,299.60. This trade represents a 19.71% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 973,161 shares of company stock worth $149,011,579. 11.84% of the stock is owned by company insiders.

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.