Credo Technology Group Holding Ltd. $CRDO Shares Sold by Raiffeisen Bank International AG

Key Points

• Raiffeisen Bank International cut its Credo Technology Group stake by 21.2% in the fourth quarter, selling 33,851 shares and leaving it with 126,149 shares worth about $18.3 million.
• Insiders have also been selling, including CEO William Joseph Brennan and CTO Chi Fung Cheng, with company insiders selling 376,884 shares valued at roughly $59.0 million over the past three months.
• Despite the selling, Credo reported strong quarterly results with EPS of $1.16 and revenue of $437 million, while analysts remain upbeat with an average Moderate Buy rating and a $248.41 price target.

Raiffeisen Bank International AG trimmed its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 21.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 126,149 shares of the company's stock after selling 33,851 shares during the quarter. Raiffeisen Bank International AG owned 0.07% of Credo Technology Group worth $18,282,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CRDO. Mirae Asset Global Investments Co. Ltd. grew its position in Credo Technology Group by 9.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company's stock worth $39,004,000 after buying an additional 23,332 shares during the period. FengHe Fund Management Pte. Ltd. grew its position in Credo Technology Group by 5.7% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company's stock worth $23,349,000 after buying an additional 8,769 shares during the period. M&T Bank Corp grew its position in Credo Technology Group by 428.8% during the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company's stock worth $1,932,000 after buying an additional 10,888 shares during the period. TD Asset Management Inc acquired a new position in Credo Technology Group during the third quarter worth about $17,454,000. Finally, Second Line Capital LLC acquired a new position in Credo Technology Group during the third quarter worth about $4,283,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 54,984 shares of the firm's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the transaction, the chief executive officer directly owned 367,327 shares of the company's stock, valued at $80,286,662.39. This trade represents a 13.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction on Monday, April 6th. The stock was sold at an average price of $103.19, for a total transaction of $2,837,725.00. Following the transaction, the chief technology officer directly owned 6,162,370 shares of the company's stock, valued at approximately $635,894,960.30. This represents a 0.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 376,884 shares of company stock valued at $59,014,018. 11.84% of the stock is owned by company insiders.

Credo Technology Group News Summary

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

• Positive Sentiment: Credo completed its acquisition of DustPhotonics, strengthening its optical connectivity portfolio and adding silicon photonics capabilities that could benefit demand for 800G, 1.6T, and 3.2T AI networking solutions. Credo Technology (CRDO) Completes Acquisition of DustPhotonics to Expand Optical Connectivity Portfolio
• Positive Sentiment: Multiple recent commentaries highlighted Credo as a top-ranked or bullish stock idea, reflecting continued investor enthusiasm around its AI infrastructure exposure. 3 Top Ranked Stocks Investors Can Buy Right Now
• Positive Sentiment: Analyst commentary after the latest earnings report pointed to strong revenue growth, earnings beats, and higher price targets, reinforcing the market’s optimistic view of CRDO’s growth trajectory. Can Credo Technology Group (CRDO) Run Higher on Rising Earnings Estimates?
• Neutral Sentiment: Insider selling by Director Fariba Danesh and CTO Chi Fung Cheng may create some caution, but the CTO sale was tied to tax withholding on vested equity awards and appears more routine than a fundamental warning sign. Credo Technology Group NASDAQ: CRDO Director Fariba Danesh Sells 1,100 Shares
• Neutral Sentiment: Some coverage noted ongoing customer concentration risk, although Credo is trying to diversify into NeoCloud and broader customer relationships over time. Credo's Diversification Push: Can It Cut Customer Concentration Risk?

Credo Technology Group Price Performance

Credo Technology Group stock opened at $264.76 on Friday. Credo Technology Group Holding Ltd. has a 12-month low of $70.78 and a 12-month high of $268.18. The company has a market capitalization of $48.83 billion, a price-to-earnings ratio of 106.76, a price-to-earnings-growth ratio of 1.25 and a beta of 3.22. The firm's fifty day moving average price is $181.36 and its 200 day moving average price is $150.09.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 36.99%. The firm's quarterly revenue was up 157.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.20 EPS. Analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on CRDO. The Goldman Sachs Group restated a "buy" rating and set a $250.00 target price on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Stifel Nicolaus set a $250.00 price target on shares of Credo Technology Group in a research note on Wednesday, May 27th. JPMorgan Chase & Co. raised their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an "overweight" rating in a research note on Tuesday, June 2nd. TD Cowen raised their target price on shares of Credo Technology Group from $240.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Finally, Roth Mkm raised their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of "Moderate Buy" and an average price target of $248.41.

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.

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.