Harbor Capital Advisors Inc. Sells 26,203 Shares of Credo Technology Group Holding Ltd. $CRDO

Harbor Capital Advisors Inc. reduced its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 73.9% in the third quarter, Holdings Channel reports. The firm owned 9,251 shares of the company’s stock after selling 26,203 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Credo Technology Group were worth $1,347,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Credo Technology Group during the first quarter valued at approximately $25,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Credo Technology Group during the 2nd quarter valued at $27,000. Wolff Wiese Magana LLC increased its holdings in shares of Credo Technology Group by 200.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 450 shares of the company’s stock worth $42,000 after purchasing an additional 300 shares in the last quarter. Cullen Frost Bankers Inc. increased its holdings in shares of Credo Technology Group by 278.4% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock worth $44,000 after purchasing an additional 348 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. assumed coverage on Credo Technology Group in a research report on Friday, October 17th. They set an “overweight” rating and a $165.00 price objective on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Credo Technology Group in a report on Monday, December 15th. KGI Securities raised shares of 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. Wall Street Zen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating in a report on Sunday, September 28th. Finally, TD Cowen lifted their target price on shares of Credo Technology Group from $190.00 to $240.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Two investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $206.85.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.19, for a total value of $56,680,300.00. Following the transaction, the chief operating officer owned 400,000 shares of the company’s stock, valued at $61,276,000. This trade represents a 48.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 18,016 shares of the business’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $153.16, for a total value of $2,759,330.56. Following the transaction, the chief executive officer owned 301,891 shares of the company’s stock, valued at approximately $46,237,625.56. This trade represents a 5.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,311,246 shares of company stock valued at $199,553,783. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group Trading Down 3.6%

Shares of NASDAQ CRDO opened at $144.83 on Friday. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The firm has a market capitalization of $26.16 billion, a price-to-earnings ratio of 127.04 and a beta of 2.63. The firm has a 50 day moving average of $157.40 and a 200 day moving average of $132.12.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $234.99 million. During the same period last year, the firm earned $0.07 earnings per share. The company’s quarterly revenue was up 272.1% on a year-over-year basis. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current 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.