Spyglass Capital Management LLC Reduces Stock Position in Credo Technology Group Holding Ltd. $CRDO

Spyglass Capital Management LLC trimmed its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 32.2% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 401,503 shares of the company’s stock after selling 190,487 shares during the quarter. Credo Technology Group comprises about 5.9% of Spyglass Capital Management LLC’s holdings, making the stock its 2nd biggest holding. Spyglass Capital Management LLC’s holdings in Credo Technology Group were worth $109,189,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Reflection Asset Management bought a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $25,000. Acumen Wealth Advisors LLC bought a new position in Credo Technology Group in the 4th quarter valued at approximately $25,000. Orion Capital Management LLC bought a new position in Credo Technology Group in the 2nd quarter valued at approximately $27,000. AlphaCentric Advisors LLC purchased a new stake in Credo Technology Group during the 1st quarter valued at $33,000. Finally, Van ECK Associates Corp purchased a new stake in Credo Technology Group during the 4th quarter valued at $37,000. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $226.19 on Tuesday. The stock’s 50-day simple moving average is $237.11 and its two-hundred day simple moving average is $187.97. The stock has a market capitalization of $42.51 billion, a price-to-earnings ratio of 91.21, a PEG ratio of 1.06 and a beta of 3.23. 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 released its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the prior year, the firm earned $0.20 EPS. The business’s revenue for the quarter was up 157.0% compared to the same quarter last year. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CRDO shares. Susquehanna lifted their price objective on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Bank of America lifted their price target on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a report on Monday, June 1st. Finally, Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $268.39.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the sale, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the transaction, the chief executive officer owned 367,327 shares in the company, valued at $80,286,662.39. The trade was a 13.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 435,076 shares of company stock worth $101,043,506. 9.06% of the stock is 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.