Bryce Point Capital LLC Sells 4,290 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Bryce Point Capital LLC reduced its stake in Credo Technology Group by 18.7%, owning 18,634 shares after selling 4,290 shares in the first quarter, with holdings valued at approximately $748,000.
• Credo Technology Group reported a 179.6% year-over-year revenue growth in its latest earnings, with $170 million revenue and $0.35 EPS, exceeding analyst expectations.
• Several research firms have raised their target prices for Credo Technology Group, with varying ratings, indicating a positive outlook for the stock's performance.

Bryce Point Capital LLC cut its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 18.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,634 shares of the company's stock after selling 4,290 shares during the period. Bryce Point Capital LLC's holdings in Credo Technology Group were worth $748,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Geode Capital Management LLC raised its position in Credo Technology Group by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock valued at $222,884,000 after buying an additional 138,686 shares during the period. Norges Bank acquired a new position in Credo Technology Group during the fourth quarter valued at $117,242,000. Alliancebernstein L.P. raised its position in Credo Technology Group by 299.9% during the fourth 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 during the period. Ameriprise Financial Inc. raised its position in Credo Technology Group by 49.5% during the fourth 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 during the period. Finally, Two Sigma Investments LP raised its position in Credo Technology Group by 55.3% during the fourth 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 during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 12,248 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total value of $1,141,758.56. Following the completion of the sale, the director owned 467,180 shares in the company, valued at approximately $43,550,519.60. This trade represents a 2.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Laufman sold 5,000 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $85.07, for a total value of $425,350.00. Following the completion of the transaction, the insider directly owned 249,346 shares of the company's stock, valued at approximately $21,211,864.22. The trade was a 1.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,076,264 shares of company stock worth $88,673,161 over the last 90 days. Insiders own 16.04% of the company's stock.

Analyst Ratings Changes

CRDO has been the topic of several recent analyst reports. Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. TD Cowen upped their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Stifel Nicolaus upped 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, July 18th. Needham & Company LLC upped their price target on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Finally, Barclays set a $85.00 price target on Credo Technology Group and gave the stock 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $87.91.

Credo Technology Group Trading Down 2.6%

NASDAQ:CRDO traded down $3.02 during mid-day trading on Thursday, hitting $112.99. 2,858,267 shares of the company's stock traded hands, compared to its average volume of 5,317,944. The firm has a 50 day moving average of $85.53 and a two-hundred day moving average of $65.35. Credo Technology Group Holding Ltd. has a 12 month low of $22.50 and a 12 month high of $118.95. The firm has a market capitalization of $19.39 billion, a price-to-earnings ratio of 419.98, a price-to-earnings-growth 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 analysts' consensus estimates 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 company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. During the same quarter last year, the company earned $0.07 EPS. The company's quarterly revenue was up 179.6% on a year-over-year basis. As a group, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

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.