Amundi Sells 24,357 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Amundi reduced its Credo Technology stake by 3.3% in the second quarter, selling 24,357 shares and retaining 708,419 shares valued at approximately $192.7 million. Institutional investors collectively own 80.46% of the company.
• Credo reported quarterly revenue of $479 million, up 114.7% year over year, and earnings of $1.20 per share, exceeding analysts’ expectations of $1.17.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $267.39, although some firms recently downgraded the stock to “Hold.” Insiders sold $88.3 million worth of shares over the past three months, primarily through pre-arranged plans to cover tax obligations.

Amundi cut its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 3.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 708,419 shares of the company's stock after selling 24,357 shares during the quarter. Amundi owned about 0.38% of Credo Technology Group worth $192,655,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Reflection Asset Management bought a new position in Credo Technology Group in the fourth quarter worth about $25,000. Acumen Wealth Advisors LLC bought a new stake in shares of Credo Technology Group in the 4th quarter valued at about $25,000. Orion Capital Management LLC purchased a new position in shares of Credo Technology Group in the 2nd quarter worth approximately $27,000. AlphaCentric Advisors LLC purchased a new position in shares of Credo Technology Group in the 1st quarter worth approximately $33,000. Finally, Van ECK Associates Corp bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $37,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, CTO Chi Cheng sold 27,500 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $259.53, for a total transaction of $7,137,075.00. Following the sale, the chief technology officer owned 5,992,370 shares in the company, valued at approximately $1,555,199,786.10. This trade represents a 0.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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. Also, CFO Daniel W. Fleming sold 40,000 shares of Credo Technology Group stock in a transaction on 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 transaction, the chief financial officer directly owned 501,873 shares of the company's stock, valued at $125,207,276.04. The trade was 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 a total of 376,784 shares of company stock valued at $88,299,791 in the last three months. 9.06% of the stock is currently owned by corporate insiders.

Credo Technology Group Trading Down 1.7%

NASDAQ:CRDO opened at $167.75 on Wednesday. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67. The company has a market cap of $31.53 billion, a PE ratio of 59.70, a P/E/G ratio of 0.68 and a beta of 3.22. The company's 50 day moving average is $226.71 and its two-hundred day moving average is $190.08.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The company had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. During the same period in the previous year, the company posted $0.52 earnings per share. Credo Technology Group's revenue for the quarter was up 114.7% on a year-over-year basis. As a group, analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Needham & Company LLC increased their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a "buy" rating in a research report on Monday, June 1st. Zacks Research downgraded Credo Technology Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 3rd. Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Susquehanna raised their price objective on Credo Technology Group from $235.00 to $250.00 and gave the stock a "positive" rating in a research report on Tuesday, July 21st. Finally, Rosenblatt Securities boosted their target price on Credo Technology Group from $215.00 to $235.00 and gave the stock a "neutral" rating in a research note on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $267.39.

About Credo Technology Group

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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