Charles Schwab Investment Management Inc. Cuts Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Credo Technology Group by 1.2%, now owning 1,165,062 shares, valued at approximately $46.79 million.
• Several institutions have increased their investments in Credo, with ownership among institutional investors reaching 80.46% of the company's stock.
• Analysts have generally given Credo Technology Group a favorable outlook, with a consensus target price of $91.27 and thirteen analysts rating the stock as a "buy."

Charles Schwab Investment Management Inc. cut its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 1.2% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,165,062 shares of the company's stock after selling 14,664 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.69% of Credo Technology Group worth $46,789,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Credo Technology Group during the first quarter worth about $27,000. Harbour Investments Inc. purchased a new stake in Credo Technology Group during the first quarter worth approximately $29,000. Optimum Investment Advisors purchased a new stake in Credo Technology Group during the first quarter worth approximately $52,000. Larson Financial Group LLC lifted its stake in Credo Technology Group by 21.5% during the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after purchasing an additional 245 shares during the last quarter. Finally, Quarry LP purchased a new stake in Credo Technology Group during the fourth quarter worth approximately $58,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently weighed in on CRDO. Wall Street Zen upgraded Credo Technology Group from a "hold" rating to a "buy" rating in a research note on Saturday. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Needham & Company LLC boosted their target price 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. Cowen restated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $91.27.

Credo Technology Group Trading Down 1.8%

Shares of Credo Technology Group stock traded down $1.94 during trading hours on Wednesday, hitting $104.36. 3,187,352 shares of the company were exchanged, compared to its average volume of 5,194,171. 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 $99.41 and a 200-day moving average of $69.54. The stock has a market capitalization of $17.91 billion, a price-to-earnings ratio of 386.85, a P/E/G ratio of 2.13 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.

Insider Buying and Selling

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $107.00, for a total value of $200,625.00. Following the completion of the transaction, the director owned 5,898,652 shares in the company, valued at approximately $631,155,764. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William Joseph Brennan sold 46,444 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $106.87, for a total value of $4,963,470.28. Following the completion of the transaction, the chief executive officer owned 393,338 shares of the company's stock, valued at $42,036,032.06. The trade was a 10.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,274,583 shares of company stock worth $113,118,257 over the last three months. 16.04% of the stock is owned by company insiders.

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.