Algert Global LLC Reduces Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Algert Global LLC reduced its stake in Credo Technology Group by 27.2% in the first quarter, selling 45,615 shares and holding a total of 121,932 shares valued at approximately $4.9 million thereafter.
• Credo Technology Group reported strong quarterly earnings with an EPS of $0.35, surpassing analysts' expectations, and a significant year-over-year revenue increase of 179.6%.
• Insider trading activity included CTO Chi Fung Cheng and Director Lip Bu Tan selling large amounts of stock, with insiders collectively having sold 1.27 million shares valued at over $113 million in the past ninety days.

Algert Global LLC cut its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 27.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 121,932 shares of the company's stock after selling 45,615 shares during the quarter. Algert Global LLC owned approximately 0.07% of Credo Technology Group worth $4,897,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Fox Run Management L.L.C. grew its position in shares of Credo Technology Group by 342.4% during the first quarter. Fox Run Management L.L.C. now owns 17,237 shares of the company's stock worth $692,000 after buying an additional 13,341 shares in the last quarter. Finley Financial LLC grew its position in shares of Credo Technology Group by 53.5% during the first quarter. Finley Financial LLC now owns 3,960 shares of the company's stock worth $171,000 after buying an additional 1,380 shares in the last quarter. Oak Ridge Investments LLC grew its position in shares of Credo Technology Group by 9.2% during the first quarter. Oak Ridge Investments LLC now owns 55,205 shares of the company's stock worth $2,217,000 after buying an additional 4,637 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Credo Technology Group by 19.2% during the first quarter. Russell Investments Group Ltd. now owns 53,581 shares of the company's stock worth $2,152,000 after buying an additional 8,649 shares in the last quarter. Finally, HighTower Advisors LLC purchased a new stake in Credo Technology Group during the first quarter worth approximately $244,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 59,641 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the transaction, the chief technology officer owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. This represents a 0.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lip Bu Tan sold 171,473 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $77.90, for a total value of $13,357,746.70. Following the transaction, the director directly owned 613,725 shares in the company, valued at $47,809,177.50. This represents a 21.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,274,583 shares of company stock valued at $113,118,257 over the last quarter. Company insiders own 16.04% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Roth Capital set a $95.00 target price on Credo Technology Group and gave the stock a "buy" rating in a research note on Friday, June 13th. Mizuho boosted their price objective on Credo Technology Group from $112.00 to $135.00 and gave the company an "outperform" rating in a research note on Thursday, August 14th. Barclays set a $85.00 price objective on Credo Technology Group and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Stifel Nicolaus boosted their price objective on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Finally, Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $91.27.

Credo Technology Group Trading Up 2.9%

Shares of Credo Technology Group stock traded up $3.18 during trading hours on Friday, hitting $114.04. 4,811,275 shares of the company were exchanged, compared to its average volume of 3,977,071. Credo Technology Group Holding Ltd. has a 1 year low of $24.08 and a 1 year high of $128.56. The business has a 50-day moving average of $101.64 and a 200-day moving average of $70.32. The stock has a market capitalization of $19.57 billion, a price-to-earnings ratio of 422.37, a P/E/G ratio of 1.99 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%.The business had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same quarter in the prior year, the business earned $0.07 earnings per share. The company's quarterly revenue was up 179.6% compared to the same quarter last year. Credo Technology Group has set its Q1 2026 guidance at EPS. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.