Credo Technology Group Holding Ltd. $CRDO Shares Sold by Baader Bank Aktiengesellschaft

Baader Bank Aktiengesellschaft reduced its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 25.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,827 shares of the company’s stock after selling 7,267 shares during the period. Baader Bank Aktiengesellschaft’s holdings in Credo Technology Group were worth $1,955,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP boosted its stake in Credo Technology Group by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 703,122 shares of the company’s stock worth $65,949,000 after purchasing an additional 3,501 shares during the last quarter. AlphaCentric Advisors LLC acquired a new position in Credo Technology Group in the first quarter valued at approximately $33,000. KBC Group NV increased its stake in Credo Technology Group by 30.4% during the first quarter. KBC Group NV now owns 23,051 shares of the company’s stock worth $2,164,000 after acquiring an additional 5,377 shares during the last quarter. SEB Asset Management AB purchased a new stake in Credo Technology Group in the first quarter valued at $15,358,000. Finally, Vision Retirement LLC lifted its stake in shares of Credo Technology Group by 316.0% in the 1st quarter. Vision Retirement LLC now owns 2,467 shares of the company’s stock valued at $232,000 after purchasing an additional 1,874 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 4.6%

NASDAQ CRDO opened at $212.07 on Tuesday. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The firm has a 50 day moving average of $232.14 and a two-hundred day moving average of $167.76. The stock has a market capitalization of $39.55 billion, a PE ratio of 85.51, a price-to-earnings-growth ratio of 0.93 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s revenue was up 157.0% on a year-over-year basis. During the same period last year, the business earned $0.20 EPS. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on CRDO shares. Susquehanna increased their price target on Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a report on Tuesday, June 2nd. Barclays boosted their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday. Needham & Company LLC upped their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Finally, Mizuho lifted their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $265.33.

Insiders Place Their Bets

In related news, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the transaction, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 3,790 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $258.71, for a total transaction of $980,510.90. Following the sale, the chief technology officer owned 140,358 shares of the company’s stock, valued at $36,312,018.18. This represents a 2.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 329,662 shares of company stock worth $76,068,196 over the last 90 days. Insiders own 11.84% of the company’s stock.

About Credo Technology Group

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.