Abel Hall LLC Decreases Stake in Credo Technology Group Holding Ltd. $CRDO

Abel Hall LLC trimmed its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 46.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,530 shares of the company's stock after selling 3,876 shares during the quarter. Abel Hall LLC's holdings in Credo Technology Group were worth $425,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CRDO. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company's stock valued at $80,000 after purchasing an additional 77 shares in the last quarter. QRG Capital Management Inc. boosted its holdings in Credo Technology Group by 1.7% during the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company's stock worth $507,000 after buying an additional 91 shares in the last quarter. Mark Sheptoff Financial Planning LLC boosted its holdings in Credo Technology Group by 2.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company's stock worth $741,000 after buying an additional 100 shares in the last quarter. Spirepoint Private Client LLC grew its position in Credo Technology Group by 6.6% during the fourth quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company's stock valued at $243,000 after buying an additional 105 shares during the period. Finally, Crewe Advisors LLC grew its position in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after buying an additional 106 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 54,984 shares of the company's stock in a transaction dated Friday, June 5th. The shares were 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 approximately $80,286,662.39. This represents a 13.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 40,000 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the sale, the chief financial officer directly owned 501,873 shares of the company's stock, valued at $125,207,276.04. This represents a 7.38% decrease in their position. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 363,372 shares of company stock worth $76,926,125 over the last quarter. Corporate insiders own 11.84% of the company's stock.

Credo Technology Group Trading Up 9.8%

CRDO stock opened at $265.55 on Tuesday. The firm has a 50-day moving average of $222.52 and a two-hundred day moving average of $161.46. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The company has a market cap of $49.52 billion, a price-to-earnings ratio of 107.08, a PEG ratio of 1.11 and a beta of 3.20.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (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 business had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same period in the prior year, the business earned $0.20 earnings per share. The business's revenue was up 157.0% compared to the same quarter last year. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on CRDO. Susquehanna upped their price objective on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a "positive" rating in a research report on Tuesday, June 2nd. Jefferies Financial Group raised their target price on Credo Technology Group from $225.00 to $270.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. lifted their price target on Credo Technology Group from $230.00 to $250.00 and gave the company an "overweight" rating in a research note on Tuesday, June 2nd. Bank of America increased their price target on Credo Technology Group from $252.00 to $340.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. Finally, The Goldman Sachs Group reissued a "buy" rating and issued a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $263.11.

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.

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