Hsbc Holdings PLC Sells 11,274 Shares of Credo Technology Group Holding Ltd. $CRDO

Hsbc Holdings PLC decreased its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 23.5% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 36,767 shares of the company’s stock after selling 11,274 shares during the quarter. Hsbc Holdings PLC’s holdings in Credo Technology Group were worth $5,341,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of CRDO. Crewe Advisors LLC boosted its holdings in shares of Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after acquiring an additional 106 shares during the last quarter. Reflection Asset Management bought a new stake in shares of Credo Technology Group in the fourth quarter worth approximately $25,000. Acumen Wealth Advisors LLC purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $25,000. Flagship Harbor Advisors LLC purchased a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in Credo Technology Group during the fourth quarter valued at approximately $36,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Down 11.0%

CRDO opened at $238.44 on Friday. The company has a market cap of $44.47 billion, a price-to-earnings ratio of 96.15, a PEG ratio of 1.09 and a beta of 3.22. The company’s 50 day moving average is $213.03 and its 200 day moving average is $157.26. Credo Technology Group Holding Ltd. has a 12-month low of $84.25 and a 12-month high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its 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 net margin of 35.37% and a return on equity of 32.30%. The business had revenue of $437.00 million during the quarter, compared to analysts’ expectations of $431.80 million. During the same period in the prior year, the company earned $0.20 earnings per share. The firm’s revenue was up 157.0% on a year-over-year basis. As a group, analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. TD Cowen raised their target price 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. JPMorgan Chase & Co. boosted their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. Stifel Nicolaus increased their price target on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a report on Monday, June 22nd. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Finally, Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $263.11.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Friday, April 10th. The shares were sold at an average price of $118.25, for a total transaction of $3,251,875.00. Following the completion of the sale, the chief technology officer owned 6,134,870 shares of the company’s stock, valued at $725,448,377.50. The trade was a 0.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, 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 on Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the completion of the sale, the chief executive officer owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This trade represents a 13.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 416,884 shares of company stock worth $77,492,368 in the last 90 days. 11.84% of the stock is currently owned by insiders.

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.