Allianz Asset Management GmbH Sells 5,961 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Allianz Asset Management GmbH reduced its shares in Credo Technology Group by 1.9% during the first quarter, now holding 300,503 shares valued at approximately $12.07 million.
• Several institutional investors, including Mirae Asset Global Investments and CIBC Private Wealth Group, have also adjusted their stakes in Credo Technology Group, with institutional ownership totaling 80.46% of the company's stock.
• Analysts are optimistic about Credo's performance, with multiple firms raising their price targets significantly, resulting in a consensus rating of "Buy" and an average price target of $87.91.

Allianz Asset Management GmbH lowered its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 1.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 300,503 shares of the company's stock after selling 5,961 shares during the quarter. Allianz Asset Management GmbH owned about 0.18% of Credo Technology Group worth $12,068,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of CRDO. Blue Bell Private Wealth Management LLC bought a new stake in shares of Credo Technology Group during the first quarter valued at approximately $130,000. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Credo Technology Group during the first quarter valued at approximately $958,000. IFP Advisors Inc increased its position in shares of Credo Technology Group by 71.6% during the first quarter. IFP Advisors Inc now owns 7,087 shares of the company's stock valued at $285,000 after purchasing an additional 2,958 shares during the period. Kestra Private Wealth Services LLC bought a new stake in shares of Credo Technology Group during the first quarter valued at approximately $316,000. Finally, Diversify Advisory Services LLC acquired a new position in shares of Credo Technology Group in the 1st quarter worth approximately $735,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Lip Bu Tan sold 171,473 shares of the 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 trade represents a 21.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 59,641 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36. Following the completion of the transaction, the chief technology officer owned 7,603,961 shares in the company, valued at approximately $569,992,916.56. This represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,078,139 shares of company stock worth $88,759,430. 16.04% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on CRDO shares. Susquehanna boosted their price target on Credo Technology Group from $90.00 to $115.00 and gave the company a "positive" rating in a research note on Tuesday, July 22nd. Stifel Nicolaus lifted their price objective on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Wall Street Zen downgraded Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. TD Cowen lifted their price objective on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. Finally, Mizuho lifted their price objective on Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a research report on Thursday, July 3rd. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $87.91.

Credo Technology Group Price Performance

NASDAQ CRDO traded up $6.63 during mid-day trading on Wednesday, reaching $116.01. 4,699,264 shares of the stock were exchanged, compared to its average volume of 4,252,913. Credo Technology Group Holding Ltd. has a one year low of $22.50 and a one year high of $116.60. The stock has a 50 day simple moving average of $85.53 and a 200-day simple moving average of $65.35. The stock has a market cap of $19.91 billion, a P/E ratio of 429.67, a P/E/G ratio of 1.96 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company's quarterly revenue was up 179.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.07 EPS. Sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Credo Technology Group Profile

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.