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

Left Brain Wealth Management LLC reduced its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 37.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,321 shares of the company’s stock after selling 4,879 shares during the quarter. Left Brain Wealth Management LLC’s holdings in Credo Technology Group were worth $1,197,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CRDO. Bank of America Corp DE lifted its holdings in shares of Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after buying an additional 1,406,752 shares during the period. Rafferty Asset Management LLC acquired a new stake in shares of Credo Technology Group in the 3rd quarter valued at approximately $183,553,000. Alliancebernstein L.P. increased its stake in Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Credo Technology Group by 18.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after purchasing an additional 1,190,522 shares in the last quarter. Finally, Marshall Wace LLP increased its stake in Credo Technology Group by 2,537.7% in the 3rd quarter. Marshall Wace LLP now owns 1,150,000 shares of the company’s stock valued at $167,452,000 after purchasing an additional 1,106,401 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares of the company’s stock, valued at $737,630,712. The trade was a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 386,608 shares of company stock valued at $50,371,351 in the last three months. 11.84% of the stock is currently owned by company insiders.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $172.17 on Friday. The stock has a fifty day moving average of $139.79 and a two-hundred day moving average of $142.52. The company has a market capitalization of $31.76 billion, a price-to-earnings ratio of 95.65 and a beta of 3.17. Credo Technology Group Holding Ltd. has a fifty-two week low of $57.21 and a fifty-two week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.Credo Technology Group’s revenue was up 201.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.25 earnings per share. On average, analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CRDO shares. Stifel Nicolaus set a $200.00 price objective on Credo Technology Group in a research note on Tuesday, March 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a research note on Wednesday, April 15th. Jefferies Financial Group started coverage on Credo Technology Group in a research note on Monday, April 13th. They issued a “buy” rating and a $175.00 price objective for the company. The Goldman Sachs Group raised their price objective on Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a research note on Thursday, April 16th. Finally, Rothschild & Co Redburn started coverage on Credo Technology Group in a research note on Friday, May 1st. They issued a “buy” rating and a $206.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $207.71.

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.