UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Lowers Holdings in Credo Technology Group Holding Ltd. $CRDO

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC decreased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 99.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,619 shares of the company’s stock after selling 681,614 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Credo Technology Group were worth $1,256,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Reflection Asset Management acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $25,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Credo Technology Group during the 4th quarter worth about $25,000. Orion Capital Management LLC purchased a new stake in Credo Technology Group in the 2nd quarter valued at about $27,000. AlphaCentric Advisors LLC purchased a new stake in Credo Technology Group in the 1st quarter valued at about $33,000. Finally, Van ECK Associates Corp acquired a new position in Credo Technology Group in the fourth quarter valued at about $37,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Stifel Nicolaus increased their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, June 22nd. Needham & Company LLC upped their price objective on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Mizuho increased their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. Bank of America dropped their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating for the company in a report on Wednesday, September 2nd. Finally, JPMorgan Chase & Co. cut their target price on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $267.39.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $162.95 on Friday. The company has a market cap of $30.63 billion, a P/E ratio of 57.99, a P/E/G ratio of 0.65 and a beta of 3.22. The stock has a 50-day moving average of $221.67 and a two-hundred day moving average of $190.41. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The business had revenue of $479.00 million for the quarter, compared to analysts’ expectations of $473.30 million. During the same quarter in the prior year, the company earned $0.52 earnings per share. The business’s quarterly revenue was up 114.7% on a year-over-year basis. On average, analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Chi Cheng sold 3,790 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $170.00, for a total transaction of $644,300.00. Following the sale, the chief technology officer directly owned 136,568 shares of the company’s stock, valued at $23,216,560. This represents a 2.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Fleming sold 7,580 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the sale, the chief financial officer owned 504,708 shares in the company, valued at approximately $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 313,074 shares of company stock valued at $71,827,816 in the last ninety days. Company insiders own 9.06% of the company’s stock.

Credo Technology Group Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.