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

Kestra Advisory Services LLC trimmed its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 35.0% in the first quarter, Holdings Channel reports. The institutional investor 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 reporting period.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock worth $2,386,449,000 after buying an additional 59,849 shares in the last quarter. State Street Corp raised its holdings in Credo Technology Group by 23.4% in the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after acquiring an additional 849,654 shares in the last quarter. Geode Capital Management LLC raised its holdings in Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after acquiring an additional 184,676 shares in the last quarter. Corient Private Wealth LLC lifted its position in shares of Credo Technology Group by 239,024.5% during the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after acquiring an additional 3,597,318 shares during the period. Finally, Alliancebernstein L.P. lifted its position in shares of Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after acquiring an additional 1,218,504 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Credo Technology Group

In related news, Director Fariba Danesh sold 1,100 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total transaction of $259,974.00. Following the sale, the director directly owned 7,017 shares in the company, valued at $1,658,397.78. This trade represents a 13.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the transaction, the chief financial officer owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 329,662 shares of company stock valued at $76,068,196 in the last quarter. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group Stock Up 4.6%

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

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business’s revenue for the quarter was up 157.0% on a year-over-year basis. During the same period last year, the firm posted $0.20 earnings per share. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Needham & Company LLC raised their price target on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 target price on the stock. Roth Capital boosted their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. TD Cowen upped their price target on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Barclays upped their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average 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.