Wellington Management Group LLP Decreases Stock Position in Credo Technology Group Holding Ltd. $CRDO

Wellington Management Group LLP trimmed its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 60.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,345,366 shares of the company’s stock after selling 2,066,529 shares during the quarter. Wellington Management Group LLP’s holdings in Credo Technology Group were worth $365,872,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. City Center Advisors LLC lifted its holdings in shares of Credo Technology Group by 2.1% during the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after acquiring an additional 53 shares during the period. Versant Capital Management Inc increased its holdings in Credo Technology Group by 8.0% in the 2nd quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock valued at $205,000 after purchasing an additional 56 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Credo Technology Group by 16.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after buying an additional 77 shares in the last quarter. QRG Capital Management Inc. grew its position in Credo Technology Group by 1.7% in the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after acquiring an additional 91 shares in the last quarter. Finally, Bank of Nova Scotia increased its stake in Credo Technology Group by 1.6% during the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock worth $566,000 after buying an additional 92 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on CRDO shares. Barclays increased their target price on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, July 20th. Zacks Research lowered Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. The Goldman Sachs Group restated a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Rosenblatt Securities reaffirmed a “neutral” rating and set a $215.00 price target on shares of Credo Technology Group in a report on Monday, August 24th. Finally, Wall Street Zen downgraded Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $268.39.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $232.75 on Monday. The stock has a market cap of $43.74 billion, a price-to-earnings ratio of 93.85, a PEG ratio of 1.06 and a beta of 3.23. The company’s 50-day moving average price is $238.64 and its two-hundred day moving average price is $187.33. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping 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 analyst estimates of $431.80 million. During the same period in the prior year, the business posted $0.20 EPS. The business’s revenue for the quarter was up 157.0% compared to the same quarter last year. Research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Yat Tung Lam sold 55,441 shares of the firm’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the transaction, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. This trade represents a 2.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,473 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $209.53, for a total transaction of $5,756,417.69. Following the completion of the sale, the chief technology officer owned 5,772,397 shares in the company, valued at approximately $1,209,490,343.41. This trade represents a 0.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 435,076 shares of company stock worth $101,043,506 over the last ninety days. Company 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.