Credo Technology Group Holding Ltd. $CRDO Shares Sold by Amundi

Key Points

• Amundi cut its Credo Technology stake by 53% in the first quarter, selling 827,020 shares and retaining 732,776 shares worth approximately $68.8 million. Institutional investors and hedge funds collectively own 80.46% of CRDO.
• Credo insiders sold 302,162 shares worth $72.8 million over the past 90 days, including stock sales by the CFO and CTO under pre-arranged Rule 10b5-1 plans.
• Wall Street remains broadly positive, with analysts giving CRDO an average “Buy” rating and a $266.17 price target. The company recently beat quarterly earnings and revenue estimates, reporting 157% year-over-year revenue growth.

Amundi lowered its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 53.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 732,776 shares of the company's stock after selling 827,020 shares during the period. Amundi owned 0.40% of Credo Technology Group worth $68,786,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Corient Private Wealth LLC increased its holdings in shares of Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock valued at $517,835,000 after purchasing an additional 3,597,318 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Credo Technology Group by 841.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company's stock worth $228,979,000 after purchasing an additional 1,422,391 shares during the period. Bank of America Corp DE lifted its holdings in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the period. Alliancebernstein L.P. boosted its position in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock valued at $283,778,000 after buying an additional 1,218,504 shares during the last quarter. Finally, Marshall Wace LLP boosted its position in Credo Technology Group by 2,537.7% in the third quarter. Marshall Wace LLP now owns 1,150,000 shares of the company's stock valued at $167,452,000 after buying an additional 1,106,401 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 7,580 shares of the company's stock in a transaction dated Wednesday, July 8th. The stock was 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 of the company's stock, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $205.54, for a total value of $5,652,350.00. Following the transaction, the chief technology officer owned 5,799,870 shares in the company, valued at $1,192,105,279.80. This represents a 0.47% 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. Insiders have sold a total of 302,162 shares of company stock worth $72,810,546 over the last 90 days. Insiders own 11.84% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CRDO. TD Cowen raised their price target on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. The Goldman Sachs Group reaffirmed a "buy" rating and issued a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Bank of America increased their price objective on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. Rosenblatt Securities raised their target price on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a "neutral" rating in a report on Tuesday, June 2nd. Finally, Needham & Company LLC boosted 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. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $266.17.

Credo Technology Group Price Performance

CRDO opened at $206.99 on Friday. The firm has a fifty day moving average price of $236.60 and a 200 day moving average price of $171.84. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The stock has a market cap of $38.60 billion, a P/E ratio of 83.46, a P/E/G ratio of 0.95 and a beta of 3.20.

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

Credo Technology Group 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.

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