Braun Stacey Associates Inc. Cuts Stake in Credo Technology Group Holding Ltd. $CRDO

Braun Stacey Associates Inc. cut its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 13.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 271,670 shares of the company’s stock after selling 41,610 shares during the quarter. Credo Technology Group makes up about 1.3% of Braun Stacey Associates Inc.’s investment portfolio, making the stock its 14th largest position. Braun Stacey Associates Inc. owned approximately 0.16% of Credo Technology Group worth $39,558,000 at the end of the most recent quarter.

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

Insider Activity at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 112,580 shares of the firm’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the transaction, the chief financial officer owned 458,678 shares in the company, valued at $63,389,299.60. This trade represents a 19.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $150.34, for a total value of $8,268,700.00. Following the sale, the chief technology officer owned 6,723,961 shares in the company, valued at approximately $1,010,880,296.74. The trade was a 0.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,241,246 shares of company stock valued at $189,271,083 in the last ninety days. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Down 0.7%

Shares of Credo Technology Group stock opened at $143.89 on Friday. The company has a 50 day moving average price of $157.26 and a 200 day moving average price of $134.13. The firm has a market capitalization of $25.99 billion, a P/E ratio of 126.22 and a beta of 2.66. Credo Technology Group Holding Ltd. has a 52 week low of $29.09 and a 52 week high of $213.80.

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. New Street Research set a $240.00 price objective on Credo Technology Group in a research note on Tuesday, December 2nd. Stifel Nicolaus set a $160.00 price target on shares of Credo Technology Group in a research report on Wednesday, October 1st. Wall Street Zen raised shares of Credo Technology Group from a “hold” rating to a “buy” rating in a research report on Sunday, September 28th. Susquehanna increased their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a research report on Wednesday, October 22nd. Finally, Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Two research 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 MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and a consensus price target of $206.85.

Credo Technology Group Company 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.