Credo Technology Group Holding Ltd. $CRDO Holdings Decreased by Princeton Global Asset Management LLC

Princeton Global Asset Management LLC trimmed its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 49.5% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 13,870 shares of the company’s stock after selling 13,588 shares during the period. Princeton Global Asset Management LLC’s holdings in Credo Technology Group were worth $2,020,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. California Public Employees Retirement System increased its stake in Credo Technology Group by 17.2% in the 2nd quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after buying an additional 37,772 shares during the period. Thompson Davis & CO. Inc. acquired a new position in shares of Credo Technology Group in the second quarter worth $382,000. Realta Investment Advisors purchased a new stake in shares of Credo Technology Group during the second quarter worth $300,000. Ethic Inc. boosted its position in Credo Technology Group by 35.5% during the second quarter. Ethic Inc. now owns 7,142 shares of the company’s stock valued at $668,000 after purchasing an additional 1,873 shares during the last quarter. Finally, Convergence Investment Partners LLC purchased a new position in Credo Technology Group in the second quarter valued at about $2,577,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Credo Technology Group news, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total value of $56,680,300.00. Following the sale, the chief operating officer owned 400,000 shares of the company’s stock, valued at $61,276,000. This trade represents a 48.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel W. Fleming sold 112,580 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the transaction, the chief financial officer directly owned 458,678 shares in the company, valued at approximately $63,389,299.60. This represents a 19.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 1,311,246 shares of company stock valued at $200,335,333. Insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Up 8.3%

NASDAQ:CRDO opened at $150.13 on Friday. The company’s 50 day moving average is $156.36 and its 200-day moving average is $129.49. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80. The firm has a market cap of $27.12 billion, a price-to-earnings ratio of 131.69 and a beta of 2.63.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. Credo Technology Group’s revenue was up 272.1% compared to the same quarter last year. During the same period last year, the business posted $0.07 EPS. Research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Analysts Set New Price Targets

CRDO has been the subject of a number of recent research reports. William Blair began coverage on Credo Technology Group in a research note on Thursday, September 18th. They set an “outperform” rating for the company. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Bank of America lifted their target price on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. JPMorgan Chase & Co. began coverage on shares of Credo Technology Group in a research note on Friday, October 17th. They set an “overweight” rating and a $165.00 price target on the stock. Finally, Needham & Company LLC upped their price objective on shares of Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and an average price target of $206.85.

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.