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

Left Brain Wealth Management LLC decreased its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 61.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of CRDO. Orion Capital Management LLC bought a new stake in shares of Credo Technology Group during the second quarter valued at about $27,000. Burkett Financial Services LLC acquired a new stake in Credo Technology Group in the third quarter worth about $33,000. Thurston Springer Miller Herd & Titak Inc. lifted its holdings in Credo Technology Group by 4,900.0% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 200 shares of the company’s stock worth $39,000 after purchasing an additional 196 shares during the period. Alpine Bank Wealth Management acquired a new stake in Credo Technology Group in the third quarter worth about $40,000. Finally, Root Financial Partners LLC bought a new position in Credo Technology Group in the 3rd quarter valued at about $48,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Credo Technology Group news, CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Tuesday, October 27th. The stock was sold at an average price of $164.12, for a total transaction of $4,513,300.00. Following the transaction, the chief technology officer 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 5,000 shares of the company’s 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 completion of the transaction, the insider owned 164,223 shares in the company, valued at $33,665,715. This represents a 2.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 352,538 shares of company stock worth $67,200,077. Corporate insiders own 9.06% of the company’s stock.

Credo Technology Group Trading Down 8.7%

Shares of CRDO stock opened at $150.99 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67. The company has a market capitalization of $28.38 billion, a price-to-earnings ratio of 53.73, a P/E/G ratio of 0.66 and a beta of 3.25. The stock’s fifty day simple moving average is $188.40 and its 200-day simple moving average is $180.84.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.03. The firm had revenue of $479.00 million for 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%. Credo Technology Group’s quarterly revenue was up 114.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.52 earnings per share. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Analysts Set New Price Targets

CRDO has been the topic of several research analyst reports. Bank of America lowered 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 research note on Wednesday, September 2nd. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Susquehanna upped their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. TD Cowen increased their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. Finally, Evercore set a $292.00 price objective on shares of Credo Technology Group in a report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $262.67.

Credo Technology Group Company 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.