CI Investments Inc. Sells 93,999 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• CI Investments Inc. cut its CRDO stake by 45.8% in the first quarter, selling 93,999 shares and ending with 111,165 shares worth about $10.4 million.
• Credo reported strong quarterly results, posting $1.16 EPS versus the $1.02 consensus estimate and revenue of $437 million, up 157% year over year.
• Wall Street remains bullish on the stock, with analysts giving Credo an average “Buy” rating and an average price target of $266.17, even as some insiders recently sold shares.

CI Investments Inc. reduced its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 45.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,165 shares of the company's stock after selling 93,999 shares during the period. CI Investments Inc. owned approximately 0.06% of Credo Technology Group worth $10,435,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. grew its stake in Credo Technology Group by 16.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company's stock worth $80,000 after purchasing an additional 77 shares during the period. QRG Capital Management Inc. increased its holdings in Credo Technology Group by 1.7% during the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company's stock worth $507,000 after purchasing an additional 91 shares in the last quarter. Mark Sheptoff Financial Planning LLC lifted its holdings in shares of Credo Technology Group by 2.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company's stock valued at $741,000 after purchasing an additional 100 shares in the last quarter. Spirepoint Private Client LLC boosted its position in shares of Credo Technology Group by 6.6% during the fourth quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company's stock valued at $243,000 after buying an additional 105 shares during the last quarter. Finally, Crewe Advisors LLC lifted its stake in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after acquiring an additional 106 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Stock Up 2.0%

Credo Technology Group stock opened at $228.27 on Thursday. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The company has a market cap of $42.57 billion, a P/E ratio of 92.04, a P/E/G ratio of 1.02 and a beta of 3.20. The business has a 50-day simple moving average of $233.42 and a two-hundred day simple moving average of $168.92.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same period in the prior year, the company earned $0.20 earnings per share. The firm's revenue was up 157.0% on a year-over-year basis. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Evercore assumed coverage on shares of Credo Technology Group in a research report on Monday, June 22nd. They set an "outperform" rating and a $325.00 price target for the company. Mizuho upped their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an "outperform" rating in a report on Tuesday, June 2nd. Weiss Ratings upgraded shares of Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, May 26th. The Goldman Sachs Group reiterated a "buy" rating and issued a $250.00 price target on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Finally, Jefferies Financial Group increased their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and an average target price of $266.17.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 3,790 shares of the company's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $258.71, for a total value of $980,510.90. Following the completion of the sale, the chief technology officer directly owned 140,358 shares in the company, valued at $36,312,018.18. This represents a 2.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the company's stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the transaction, the chief financial officer owned 504,708 shares in the company, valued at $124,097,603.04. This represents a 1.48% decrease in their ownership of the stock. 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. Insiders sold 302,162 shares of company stock valued at $70,897,646 over the last three months. 11.84% of the stock is owned by corporate insiders.

Trending Headlines about Credo Technology Group

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Several recent write-ups highlight Credo as a leading AI connectivity play, benefiting from hyperscalers’ need for higher-speed connections in data centers and positioning the company as a “backbone” supplier for AI infrastructure. Article Title
• Positive Sentiment: Articles citing fund commentary suggest Credo’s Q2 strength is being driven by rising connectivity demand, which is reinforcing the market’s view that the company can keep growing rapidly as AI spending expands. Article Title
• Positive Sentiment: Recent coverage also points to a bullish thesis upgrade and price-target discussion, implying that some investors see the recent pullback as a buying opportunity rather than a trend reversal. Article Title
• Neutral Sentiment: One comparison piece versus Marvell argues that Credo and Marvell both benefit from AI connectivity demand, but their growth, margin, and outlook profiles differ, which keeps investor debate focused on relative valuation and execution. Article Title
• Negative Sentiment: Some commentary warns that CRDO has been highly volatile, including a sharp weekly sell-off and concerns that the stock may have already priced in much of the AI optimism, which could limit near-term upside. Article Title

Credo Technology Group Company Profile

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.

Want to see what other hedge funds are holding CRDO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.