Credo Technology Group Holding Ltd. $CRDO Shares Sold by IPG Investment Advisors LLC

IPG Investment Advisors LLC decreased its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 30.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,896 shares of the company’s stock after selling 3,422 shares during the period. IPG Investment Advisors LLC’s holdings in Credo Technology Group were worth $1,538,000 at the end of the most recent quarter.

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

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Lam sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 25th. The stock was sold at an average price of $206.30, for a total value of $10,315,000.00. Following the sale, the chief operating officer owned 2,479,169 shares of the company’s stock, valued at $511,452,564.70. The trade was a 1.98% decrease in their position. The transaction was disclosed in a legal 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, CEO William Brennan sold 16,672 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $151.88, for a total value of $2,532,143.36. Following the sale, the chief executive officer directly owned 1,600,830 shares in the company, valued at $243,134,060.40. This trade represents a 1.03% 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. Over the last three months, insiders sold 352,538 shares of company stock valued at $67,200,077. Insiders own 9.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on CRDO shares. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Susquehanna increased their price target on Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Bank of America decreased their price target on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a report on Wednesday, September 2nd. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, August 3rd. Finally, Stifel Nicolaus lowered their price objective on 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. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $262.67.

Credo Technology Group Stock Up 7.8%

Shares of CRDO stock opened at $150.91 on Wednesday. The company’s fifty day simple moving average is $185.15 and its two-hundred day simple moving average is $180.71. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The stock has a market cap of $28.36 billion, a P/E ratio of 53.70, a PEG ratio of 0.56 and a beta of 3.29.

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

About Credo Technology Group

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.