Credo Technology Group Holding Ltd. $CRDO Stake Lowered by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. trimmed its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 15.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,408 shares of the company’s stock after selling 2,433 shares during the quarter. Jefferies Financial Group Inc.’s holdings in Credo Technology Group were worth $3,646,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in CRDO. Corient Private Wealth LLC boosted its position in 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 purchasing an additional 3,597,318 shares during the period. Amundi lifted its stake in Credo Technology Group by 28,478.2% in the fourth quarter. Amundi now owns 1,559,796 shares of the company’s stock valued at $224,439,000 after buying an additional 1,554,338 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Credo Technology Group by 841.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock valued at $228,979,000 after acquiring an additional 1,422,391 shares during the period. Bank of America Corp DE grew its position in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $232.75 on Friday. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The firm has a market capitalization of $43.74 billion, a PE ratio of 93.85, a P/E/G ratio of 1.10 and a beta of 3.23. The company’s 50 day simple moving average is $238.64 and its 200 day simple moving average is $186.88.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping 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 firm had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period in the prior year, the firm posted $0.20 earnings per share. The firm’s revenue for the quarter was up 157.0% compared to the same quarter last year. Sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 40,000 shares of Credo Technology Group stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at $125,207,276.04. The trade was a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Yat Tung Lam sold 55,441 shares of Credo Technology Group stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total value of $11,810,041.82. Following the transaction, the chief operating officer directly owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 435,076 shares of company stock worth $101,043,506. Corporate insiders own 11.84% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on CRDO. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. boosted their price objective on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 2nd. Roth Capital increased their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Rosenblatt Securities reaffirmed a “neutral” rating and set a $215.00 target price on shares of Credo Technology Group in a research note on Monday, August 24th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Credo Technology Group in a research note on Friday, August 21st. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $268.39.

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.