Wellington Grp LLC Lowers Holdings in Credo Technology Group Holding Ltd. $CRDO

Wellington Grp LLC reduced its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 96.8% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 388 shares of the company’s stock after selling 11,635 shares during the quarter. Wellington Grp LLC’s holdings in Credo Technology Group were worth $36,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of the company. Reflection Asset Management acquired a new stake in shares of Credo Technology Group in the 4th quarter worth $25,000. Acumen Wealth Advisors LLC acquired a new position in shares of Credo Technology Group during the fourth quarter worth about $25,000. Flagship Harbor Advisors LLC acquired a new position in shares of Credo Technology Group during the fourth quarter worth about $32,000. AlphaCentric Advisors LLC purchased a new position in Credo Technology Group during the first quarter worth about $33,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in Credo Technology Group during the fourth quarter worth about $36,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on CRDO. Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Bank of America increased their target price on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a report on Tuesday, June 2nd. Needham & Company LLC lifted their price target on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Finally, Rothschild & Co Redburn initiated coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price objective on the stock. Two 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. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $266.17.

Credo Technology Group Stock Performance

CRDO stock opened at $206.99 on Monday. The company’s 50-day moving average price is $236.60 and its 200 day moving average price is $171.95. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The company has a market cap of $38.60 billion, a P/E ratio of 83.46, a P/E/G ratio of 0.95 and a beta of 3.23.

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

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Monday, July 27th. The stock was sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the completion of the transaction, the chief technology officer directly owned 5,799,870 shares of the company’s stock, valued at approximately $1,192,105,279.80. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction 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 sale, the chief financial officer owned 504,708 shares in the company, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their ownership of the stock. 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. In the last 90 days, insiders sold 302,162 shares of company stock worth $72,810,546. 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.