Braun Stacey Associates Inc. Sells 27,795 Shares of Credo Technology Group Holding Ltd. $CRDO

Braun Stacey Associates Inc. trimmed its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 10.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 243,875 shares of the company’s stock after selling 27,795 shares during the quarter. Credo Technology Group accounts for 1.1% of Braun Stacey Associates Inc.’s holdings, making the stock its 24th largest holding. Braun Stacey Associates Inc. owned 0.14% of Credo Technology Group worth $35,091,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CRDO. California Public Employees Retirement System raised its holdings in shares of Credo Technology Group by 17.2% during the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock worth $23,848,000 after buying an additional 37,772 shares in the last quarter. Optimize Financial Inc acquired a new stake in Credo Technology Group in the third quarter valued at about $1,431,000. Estate Counselors LLC bought a new position in Credo Technology Group in the third quarter valued at about $2,548,000. Global Trust Asset Management LLC bought a new position in Credo Technology Group in the third quarter valued at about $2,167,000. Finally, New York State Common Retirement Fund raised its stake in Credo Technology Group by 106.5% during the third quarter. New York State Common Retirement Fund now owns 146,134 shares of the company’s stock worth $21,279,000 after acquiring an additional 75,369 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 30,000 shares of the stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $139.93, for a total transaction of $4,197,900.00. Following the completion of the sale, the chief technology officer owned 6,387,370 shares of the company’s stock, valued at approximately $893,784,684.10. This represents a 0.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 29th. The stock was sold at an average price of $127.69, for a total transaction of $6,384,500.00. Following the transaction, the chief executive officer owned 1,832,502 shares of the company’s stock, valued at approximately $233,992,180.38. The trade was a 2.66% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 396,101 shares of company stock valued at $49,093,420 over the last 90 days. 11.84% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CRDO. Roth Mkm reduced their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Susquehanna dropped their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a research note on Tuesday, March 3rd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, March 3rd. The Goldman Sachs Group set a $165.00 price target on shares of Credo Technology Group and gave the stock a “buy” rating in a report on Thursday, February 19th. Finally, Craig Hallum reissued a “buy” rating and set a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $206.33.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $101.45 on Friday. The firm has a 50 day moving average price of $113.21 and a two-hundred day moving average price of $138.86. The stock has a market cap of $18.71 billion, a P/E ratio of 56.36 and a beta of 2.72. 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 posted its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. The business had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.Credo Technology Group’s quarterly revenue was up 201.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 earnings per share. Analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

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.