Natixis Advisors LLC Reduces Stock Position in Credo Technology Group Holding Ltd. $CRDO

Natixis Advisors LLC lessened its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 17.2% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 34,124 shares of the company’s stock after selling 7,093 shares during the quarter. Natixis Advisors LLC’s holdings in Credo Technology Group were worth $4,910,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. NewEdge Advisors LLC grew its holdings in shares of Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after buying an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Credo Technology Group by 2.3% in the 1st 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 buying an additional 7,107 shares during the period. CW Advisors LLC bought a new position in Credo Technology Group in the 2nd quarter worth about $288,000. Finally, EverSource Wealth Advisors LLC grew its stake in Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after acquiring an additional 333 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 7.4%

Credo Technology Group stock opened at $222.27 on Tuesday. The firm has a market cap of $41.00 billion, a P/E ratio of 89.63, a P/E/G ratio of 1.34 and a beta of 3.22. The business has a fifty day moving average of $172.17 and a two-hundred day moving average of $147.79. Credo Technology Group Holding Ltd. has a twelve month low of $66.75 and a twelve month high of $245.95.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The business’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 EPS. Equities analysts expect that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CRDO shares. Roth Mkm lifted their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. raised their price objective on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. Jefferies Financial Group lifted their target price on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Finally, Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $248.41.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. The trade was a 2.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 386,608 shares of company stock valued at $50,371,351 over the last quarter. 11.84% of the stock is currently owned by corporate insiders.

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.