Bank of New York Mellon Corp Lowers Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Bank of New York Mellon Corp trimmed its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 1.8% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 552,099 shares of the company's stock after selling 10,283 shares during the period. Bank of New York Mellon Corp owned 0.33% of Credo Technology Group worth $22,172,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in CRDO. Geode Capital Management LLC grew its holdings in shares of Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock worth $222,884,000 after purchasing an additional 138,686 shares in the last quarter. Norges Bank acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $117,242,000. Alliancebernstein L.P. boosted its stake in Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after buying an additional 1,305,594 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in Credo Technology Group by 49.5% in the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock valued at $110,482,000 after buying an additional 543,940 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in Credo Technology Group by 55.3% in the 4th quarter. Two Sigma Investments LP now owns 1,515,268 shares of the company's stock valued at $101,841,000 after buying an additional 539,766 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Price Performance

Shares of CRDO stock traded down $4.98 on Friday, hitting $93.47. 7,194,156 shares of the company's stock were exchanged, compared to its average volume of 4,241,175. The company has a 50 day moving average of $78.64 and a 200 day moving average of $63.62. The stock has a market cap of $16.04 billion, a P/E ratio of 346.19, a price-to-earnings-growth ratio of 1.68 and a beta of 2.57. Credo Technology Group Holding Ltd. has a 12 month low of $22.50 and a 12 month high of $104.35.

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

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 59,641 shares of the business's stock in a transaction dated 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 sale, the chief technology officer directly owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. The trade was a 0.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 171,473 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the transaction, the director directly owned 613,725 shares of the company's stock, valued at approximately $47,809,177.50. This represents a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,078,139 shares of company stock worth $82,013,680 over the last three months. 16.04% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on CRDO. Stifel Nicolaus boosted their target price on Credo Technology Group from $80.00 to $115.00 and gave the stock a "buy" rating in a research report on Friday. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Needham & Company LLC upped their price objective on Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Finally, Barclays set a $85.00 target price on Credo Technology Group and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group has an average rating of "Buy" and an average price target of $85.64.

Credo Technology Group Company 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.