Carnegie Investment Counsel Sells 129,024 Shares of Credo Technology Group Holding Ltd. $CRDO

Carnegie Investment Counsel lowered its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 33.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 253,467 shares of the company’s stock after selling 129,024 shares during the period. Carnegie Investment Counsel owned approximately 0.15% of Credo Technology Group worth $36,907,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in Credo Technology Group by 6.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,891 shares of the company’s stock valued at $275,000 after purchasing an additional 118 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Credo Technology Group by 3.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,684 shares of the company’s stock valued at $341,000 after buying an additional 126 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Credo Technology Group by 3.9% during the second quarter. Blue Trust Inc. now owns 4,108 shares of the company’s stock valued at $380,000 after buying an additional 154 shares during the last quarter. Signaturefd LLC increased its holdings in Credo Technology Group by 32.4% in the 2nd quarter. Signaturefd LLC now owns 703 shares of the company’s stock worth $65,000 after buying an additional 172 shares in the last quarter. Finally, Main Management ETF Advisors LLC raised its position in Credo Technology Group by 1.7% in the 2nd quarter. Main Management ETF Advisors LLC now owns 11,728 shares of the company’s stock worth $1,086,000 after buying an additional 192 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $144.83 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The company’s fifty day simple moving average is $157.40 and its 200-day simple moving average is $132.12. The stock has a market capitalization of $26.16 billion, a PE ratio of 127.04 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million during 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%.Credo Technology Group’s revenue was up 272.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.07 EPS. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 112,580 shares of the firm’s stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $138.20, for a total transaction of $15,558,556.00. Following 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Monday, October 27th. The stock was sold at an average price of $156.32, for a total transaction of $8,597,600.00. Following the completion of the transaction, the chief technology officer owned 6,668,961 shares of the company’s stock, valued at approximately $1,042,491,983.52. The trade was a 0.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,311,246 shares of company stock valued at $199,553,783 over the last quarter. 11.84% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of recent analyst reports. New Street Research set a $240.00 price target on shares of Credo Technology Group in a research note on Tuesday, December 2nd. William Blair started coverage on shares of Credo Technology Group in a research report on Thursday, September 18th. They issued an “outperform” rating for the company. Stifel Nicolaus set a $160.00 target price on shares of Credo Technology Group in a research note on Wednesday, October 1st. Susquehanna raised their price target on Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, October 22nd. Finally, KGI Securities raised Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $206.85.

Credo Technology Group 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.