Credo Technology Group Holding Ltd. $CRDO Shares Sold by Left Brain Wealth Management LLC

Left Brain Wealth Management LLC reduced its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 61.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,348 shares of the company’s stock after selling 5,370 shares during the quarter. Left Brain Wealth Management LLC’s holdings in Credo Technology Group were worth $652,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of CRDO. Bank of America Corp DE grew its position in shares of Credo Technology Group by 13.7% in the 2nd quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock worth $593,603,000 after acquiring an additional 262,479 shares in the last quarter. Atreides Management LP raised its position in shares of Credo Technology Group by 3.5% during the 2nd quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock valued at $307,109,000 after acquiring an additional 38,052 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Credo Technology Group by 192.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock valued at $98,290,000 after acquiring an additional 688,596 shares in the last quarter. H&H International Investment LLC lifted its stake in Credo Technology Group by 431.6% during the first quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock worth $70,515,000 after purchasing an additional 609,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Credo Technology Group by 0.5% during the first quarter. Dimensional Fund Advisors LP now owns 703,122 shares of the company’s stock worth $65,949,000 after purchasing an additional 3,501 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on CRDO shares. JPMorgan Chase & Co. decreased their price objective on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a report on Wednesday, September 2nd. Bank of America dropped their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a report on Wednesday, September 2nd. Stifel Nicolaus reduced their price target on shares of Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Barclays raised their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. Finally, Mizuho decreased their price target on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating for the company in a report on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average target price of $262.67.

Credo Technology Group Trading Down 8.7%

Shares of Credo Technology Group stock opened at $150.99 on Friday. The stock has a market capitalization of $28.38 billion, a price-to-earnings ratio of 53.73, a PEG ratio of 0.66 and a beta of 3.25. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67. The business’s 50 day simple moving average is $188.40 and its 200-day simple moving average is $180.84.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. The business had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The business’s revenue for the quarter was up 114.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.52 EPS. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In related news, insider James Laufman sold 5,000 shares of Credo Technology Group stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $205.00, for a total value of $1,025,000.00. Following the sale, the insider directly owned 164,223 shares in the company, valued at $33,665,715. This trade represents a 2.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Cheng sold 27,500 shares of the business’s stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total transaction of $4,513,300.00. Following the transaction, the chief technology officer directly owned 5,552,397 shares of the company’s stock, valued at $911,259,395.64. The trade was a 0.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 352,538 shares of company stock valued at $67,200,077 over the last three months. 9.06% of the stock is currently owned by company insiders.

Credo Technology Group Profile

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.