Raymond James Financial Inc. Cuts Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Raymond James Financial Inc. reduced its stake in Credo Technology Group by 29.1%, now holding 287,371 shares worth approximately $11.5 million.
• Several hedge funds have made significant moves in CRDO, with Deutsche Bank AG increasing its holdings by 710.9% in the last quarter, owning now over 623,000 shares valued at nearly $41.9 million.
• Although the stock recently opened at $123.06, it has faced a 6.6% decline, with forecasts suggesting a future target price between $90.00 and $135.00 by various analysts.

Raymond James Financial Inc. decreased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 29.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 287,371 shares of the company's stock after selling 117,882 shares during the period. Raymond James Financial Inc. owned 0.17% of Credo Technology Group worth $11,541,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Mariner LLC bought a new stake in shares of Credo Technology Group in the fourth quarter valued at $314,000. Northern Trust Corp lifted its holdings in shares of Credo Technology Group by 17.8% during the fourth quarter. Northern Trust Corp now owns 1,427,852 shares of the company's stock valued at $95,966,000 after purchasing an additional 215,368 shares in the last quarter. Algert Global LLC raised its stake in shares of Credo Technology Group by 27.3% in the fourth quarter. Algert Global LLC now owns 167,547 shares of the company's stock worth $11,261,000 after buying an additional 35,880 shares during the period. Ameriprise Financial Inc. lifted its position in shares of Credo Technology Group by 49.5% in the fourth quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock worth $110,482,000 after buying an additional 543,940 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $35,280,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Transactions at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $107.00, for a total transaction of $200,625.00. Following the completion of the sale, the director directly owned 5,898,652 shares of the company's stock, valued at approximately $631,155,764. This trade represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $107.12, for a total value of $5,891,600.00. Following the sale, the chief technology officer directly owned 7,108,961 shares of the company's stock, valued at approximately $761,511,902.32. This trade represents a 0.77% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,123,654 shares of company stock worth $101,794,933. 11.84% of the stock is currently owned by insiders.

Analyst Ratings Changes

CRDO has been the subject of a number of analyst reports. Barclays upped their price target on Credo Technology Group from $85.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday. Roth Capital lifted their price target on Credo Technology Group from $95.00 to $160.00 and gave the stock a "buy" rating in a research report on Thursday. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Finally, Susquehanna boosted their target price on shares of Credo Technology Group from $115.00 to $165.00 and gave the stock a "positive" rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $126.27.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock traded up $3.95 during midday trading on Friday, hitting $137.95. 3,542,565 shares of the company were exchanged, compared to its average volume of 5,223,816. The firm has a market cap of $23.86 billion, a P/E ratio of 204.20, a PEG ratio of 2.24 and a beta of 2.59. The firm has a 50 day simple moving average of $108.44 and a 200-day simple moving average of $73.42. Credo Technology Group Holding Ltd. has a 52 week low of $24.08 and a 52 week high of $142.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). Credo Technology Group had a return on equity of 20.24% and a net margin of 20.85%.The company had revenue of $223.07 million for the quarter, compared to analyst estimates of $190.63 million. During the same period last year, the firm earned $0.04 earnings per share. The firm's revenue for the quarter was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Credo Technology Group Company 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.