Concurrent Investment Advisors LLC Trims Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Concurrent Investment Advisors LLC lowered its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 57.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,335 shares of the company’s stock after selling 20,722 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Credo Technology Group were worth $2,233,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of CRDO. NewEdge Advisors LLC increased its stake in shares of Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after acquiring an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after purchasing an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after purchasing an additional 7,107 shares during the last quarter. Strs Ohio purchased a new position in shares of Credo Technology Group during the first quarter valued at approximately $1,108,000. Finally, Voya Investment Management LLC boosted its position in shares of Credo Technology Group by 233.5% in the 1st quarter. Voya Investment Management LLC now owns 138,516 shares of the company’s stock worth $5,563,000 after purchasing an additional 96,985 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on CRDO. 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 research report on Tuesday, December 2nd. Bank of America raised their price target on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. TD Cowen increased their price objective on shares of Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $220.42.

Insider Buying and Selling

In other news, insider James Laufman sold 10,000 shares of the firm’s stock in a transaction on Wednesday, December 24th. The stock was sold at an average price of $150.00, for a total value of $1,500,000.00. Following the transaction, the insider directly owned 214,905 shares in the company, valued at $32,235,750. This trade represents a 4.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Sylvia Acevedo sold 2,200 shares of Credo Technology Group stock in a transaction on Tuesday, January 13th. The stock was sold at an average price of $159.18, for a total value of $350,196.00. Following the completion of the sale, the director directly owned 18,545 shares of the company’s stock, valued at $2,951,993.10. The trade was a 10.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,090,476 shares of company stock valued at $167,418,363 in the last ninety days. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $149.12 on Friday. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80. The business’s fifty day moving average is $153.14 and its 200 day moving average is $138.29. The stock has a market capitalization of $26.94 billion, a PE ratio of 130.81 and a beta of 2.66.

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 analysts’ consensus estimates of $0.49 by $0.18. The business 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 quarter in the previous year, the firm earned $0.07 EPS. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

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.