Braun Stacey Associates Inc. Lowers Stock Position in Credo Technology Group Holding Ltd. $CRDO

Braun Stacey Associates Inc. cut its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 2.1% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 237,320 shares of the company’s stock after selling 5,102 shares during the period. Credo Technology Group accounts for 1.8% of Braun Stacey Associates Inc.’s holdings, making the stock its 11th biggest holding. Braun Stacey Associates Inc. owned about 0.13% of Credo Technology Group worth $64,539,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CRDO. Orion Capital Management LLC purchased a new stake in Credo Technology Group during the second quarter worth $27,000. Reflection Asset Management purchased a new position in shares of Credo Technology Group in the 4th quarter valued at $25,000. Acumen Wealth Advisors LLC purchased a new position in shares of Credo Technology Group in the 4th quarter valued at $25,000. Van ECK Associates Corp bought a new position in shares of Credo Technology Group in the 4th quarter worth $37,000. Finally, Quarry LP raised its position in shares of Credo Technology Group by 642.5% in the 3rd quarter. Quarry LP now owns 297 shares of the company’s stock worth $43,000 after acquiring an additional 257 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CRDO. Weiss Ratings restated a “hold (c+)” rating on shares of Credo Technology Group in a research note on Friday, August 21st. 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 note on Tuesday, June 2nd. Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Roth Capital raised their price target on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Finally, Barclays lifted their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $268.39.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $232.75 on Friday. The business’s 50-day moving average is $238.64 and its 200 day moving average is $186.88. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The firm has a market capitalization of $43.74 billion, a P/E ratio of 93.85, a P/E/G ratio of 1.10 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last released 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. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. During the same period last year, the business posted $0.20 earnings per share. The firm’s revenue was up 157.0% compared to the same quarter last year. On average, analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the sale, the chief technology officer owned 5,882,370 shares of the company’s stock, valued at approximately $1,429,768,852.20. The trade was a 0.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the transaction, the chief executive officer owned 367,327 shares in the company, valued at $80,286,662.39. The trade was a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 435,076 shares of company stock valued at $101,043,506. Company insiders own 11.84% of the company’s stock.

Credo Technology Group 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.