Mediolanum International Funds Ltd Sells 2,467 Shares of Credo Technology Group Holding Ltd. $CRDO

Mediolanum International Funds Ltd lessened its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 3.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 65,575 shares of the company’s stock after selling 2,467 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Credo Technology Group were worth $5,758,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in CRDO. Mirae Asset Global Investments Co. Ltd. boosted its stake in Credo Technology Group by 9.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock valued at $39,004,000 after purchasing an additional 23,332 shares during the period. M&T Bank Corp increased its position in Credo Technology Group by 428.8% during the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after buying an additional 10,888 shares during the period. FengHe Fund Management Pte. Ltd. increased its position in Credo Technology Group by 5.7% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock worth $23,349,000 after buying an additional 8,769 shares during the period. Nordea Investment Management AB acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $2,084,000. Finally, Teacher Retirement System of Texas lifted its holdings in shares of Credo Technology Group by 486.2% during the fourth quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock worth $34,493,000 after buying an additional 198,826 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $212.07 on Tuesday. The stock has a market capitalization of $39.55 billion, a P/E ratio of 85.51, a PEG ratio of 0.93 and a beta of 3.20. The stock’s fifty day moving average is $232.14 and its 200 day moving average is $167.76. 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 posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. Credo Technology Group’s revenue was up 157.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.20 earnings per share. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Insider Activity

In other news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The shares were 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 represents a 0.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible 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 stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the sale, the chief financial officer owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last ninety days, insiders sold 329,662 shares of company stock worth $76,068,196. 11.84% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on CRDO shares. Roth Capital upped their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Susquehanna increased their target price on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research report on Tuesday, June 2nd. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Finally, Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They issued a “buy” rating and a $206.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $265.33.

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.