Kestra Advisory Services LLC Sells 11,242 Shares of Credo Technology Group Holding Ltd. $CRDO

Kestra Advisory Services LLC reduced its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 35.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 20,888 shares of the company’s stock after selling 11,242 shares during the period. Kestra Advisory Services LLC’s holdings in Credo Technology Group were worth $1,961,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Crewe Advisors LLC lifted its stake in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares in the last quarter. Reflection Asset Management bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $25,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $25,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in shares of Credo Technology Group in the fourth quarter worth $36,000. 80.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $269.84, for a total transaction of $7,420,600.00. Following the completion of the sale, the chief technology officer owned 5,909,870 shares of the company’s stock, valued at approximately $1,594,719,320.80. This trade represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 40,000 shares of the business’s stock in a transaction dated 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. The trade was a 7.38% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders have sold a total of 329,662 shares of company stock valued at $76,068,196 in the last ninety days. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group Stock Up 4.6%

Shares of CRDO stock opened at $212.07 on Tuesday. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The company has a market capitalization of $39.55 billion, a PE ratio of 85.51, a price-to-earnings-growth ratio of 0.93 and a beta of 3.20. The firm has a 50 day moving average price of $232.14 and a two-hundred day moving average price of $167.76.

Credo Technology Group (NASDAQ:CRDO) last posted its 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. The company had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm’s revenue for the quarter was up 157.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.20 earnings per share. As a group, research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Analyst Upgrades and Downgrades

CRDO has been the subject of several recent research reports. Bank of America increased their target price on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Evercore started coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They set an “outperform” rating and a $325.00 price objective for the company. Mizuho lifted their target price on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. TD Cowen upped their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Rosenblatt Securities increased their price target on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $265.33.

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.