Credo Technology Group Holding Ltd. $CRDO Stock Holdings Lowered by Federated Hermes Inc.

Federated Hermes Inc. cut its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 30.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 128,169 shares of the company’s stock after selling 57,431 shares during the period. Federated Hermes Inc. owned approximately 0.07% of Credo Technology Group worth $11,867,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Credo Technology Group by 2.7% during the 2nd quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock valued at $1,516,195,000 after acquiring an additional 430,445 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after purchasing an additional 1,739,844 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Credo Technology Group by 4.7% during the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after purchasing an additional 163,305 shares during the last quarter. Swedbank AB boosted its position in shares of Credo Technology Group by 29.5% in the 1st quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock valued at $129,280,000 after purchasing an additional 733,811 shares during the period. Finally, Alliancebernstein L.P. increased its stake in Credo Technology Group by 6.1% in the 1st quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company’s stock worth $74,151,000 after purchasing an additional 105,405 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Trading Down 7.2%

Shares of NASDAQ:CRDO opened at $157.98 on Thursday. The firm has a market cap of $28.54 billion, a price-to-earnings ratio of 138.58 and a beta of 2.63. Credo Technology Group Holding Ltd. has a 1 year low of $29.09 and a 1 year high of $213.80. The business has a fifty day simple moving average of $156.63 and a 200 day simple moving average of $126.01.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.18. The company had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business’s revenue was up 272.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.07 EPS. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on CRDO. Mizuho upped their price objective on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, December 2nd. Bank of America upped their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. New Street Research set a $240.00 price objective on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 target price on shares of Credo Technology Group in a research note on Wednesday, October 1st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Credo Technology Group in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Credo Technology Group has a consensus rating of “Buy” and an average target price of $206.85.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $148.08, for a total value of $8,144,400.00. Following the completion of the sale, the chief technology officer directly owned 6,778,961 shares in the company, valued at $1,003,828,544.88. The trade was a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel W. Fleming sold 112,580 shares of the business’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $138.20, for a total transaction of $15,558,556.00. Following the completion of the sale, the chief financial officer directly owned 458,678 shares of the company’s stock, valued at $63,389,299.60. This represents a 19.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 961,246 shares of company stock worth $149,004,408. Insiders own 11.84% of the company’s stock.

Credo Technology Group 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.