Credo Technology Group Holding Ltd. $CRDO Shares Sold by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC reduced its holdings in Credo Technology Group by 14.4%, owning 34,290 shares worth approximately $1.34 million after selling 5,759 shares.
• Corporate insiders have sold a substantial total of 1,274,583 shares valued at over $113 million in recent transactions, with significant sales from the Director and CEO.
• Analysts have set new price targets for Credo Technology Group, with several upgrades, including a target lift by Susquehanna from $90 to $115 and reaffirming a "buy" rating.

Hsbc Holdings PLC lessened its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 14.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 34,290 shares of the company's stock after selling 5,759 shares during the quarter. Hsbc Holdings PLC's holdings in Credo Technology Group were worth $1,340,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Operose Advisors LLC boosted its stake in shares of Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after buying an additional 252 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Credo Technology Group in the 1st quarter valued at about $27,000. Harbour Investments Inc. purchased a new position in shares of Credo Technology Group in the 1st quarter valued at about $29,000. Quarry LP purchased a new position in shares of Credo Technology Group in the 4th quarter valued at about $58,000. Finally, Optimum Investment Advisors purchased a new position in shares of Credo Technology Group in the 1st quarter valued at about $52,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Susquehanna boosted their target price on Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a research note on Tuesday, July 22nd. Stifel Nicolaus boosted their target price on Credo Technology Group from $115.00 to $130.00 and gave the stock a "buy" rating in a research note on Tuesday. TD Cowen boosted their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Barclays set a $85.00 target price on Credo Technology Group and gave the stock an "overweight" rating 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 research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. Based on data from MarketBeat, Credo Technology Group currently has an average rating of "Buy" and an average target price of $92.64.

Credo Technology Group Stock Up 0.3%

CRDO traded up $0.34 during trading on Tuesday, hitting $123.40. 4,807,688 shares of the stock were exchanged, compared to its average volume of 5,151,202. The firm has a market capitalization of $21.35 billion, a P/E ratio of 457.07, a PEG ratio of 2.21 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 1-year low of $24.08 and a 1-year high of $134.35. The stock has a fifty day moving average price of $106.36 and a two-hundred day moving average price of $72.26.

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. The company 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%.The firm's 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 earnings per share. Analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, Director Lip Bu Tan sold 171,473 shares of Credo Technology Group stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the transaction, the director owned 613,725 shares of the company's stock, valued at $47,809,177.50. The trade was a 21.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock in a transaction that occurred on 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 transaction, the chief technology officer directly owned 7,603,961 shares in the company, valued at approximately $569,992,916.56. This trade represents a 0.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,274,583 shares of company stock valued at $113,118,257 over the last quarter. Company insiders own 11.84% of the company's stock.

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.