Credo Technology Group Holding Ltd. $CRDO Shares Sold by Thornburg Investment Management Inc.

Key Points

• Thornburg Investment Management cut its stake in Credo by 35.6% in Q3, selling 29,285 shares and ending the period with 53,049 shares worth $7.72 million.
• Insiders sold heavily last quarter—917,976 shares worth about $136.6 million (including recent sales by Director Pantas Sutardja and CTO Chi Fung Cheng)—though corporate insiders still own about 11.84% of the stock.
• Operationally Credo showed strong results, reporting $0.67 EPS vs. $0.49 expected and revenue of $268.0 million (up 272% YoY); the stock carries a consensus "Moderate Buy" and a $209.29 target.

Thornburg Investment Management Inc. decreased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 35.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 53,049 shares of the company's stock after selling 29,285 shares during the period. Thornburg Investment Management Inc.'s holdings in Credo Technology Group were worth $7,724,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp acquired a new position in Credo Technology Group during the third quarter worth about $25,000. First Horizon Corp purchased a new stake in Credo Technology Group in the 3rd quarter valued at approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new stake in Credo Technology Group during the 2nd quarter valued at $27,000. Smartleaf Asset Management LLC increased its position in Credo Technology Group by 133.6% during the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company's stock worth $38,000 after buying an additional 147 shares in the last quarter. Finally, Park Place Capital Corp purchased a new stake in Credo Technology Group during the 3rd quarter worth about $41,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $128.67, for a total value of $241,256.25. Following the transaction, the director directly owned 5,892,034 shares of the company's stock, valued at $758,128,014.78. This trade represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the company's stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $127.37, for a total value of $3,502,675.00. Following the completion of the sale, the chief technology officer directly owned 6,299,870 shares of the company's stock, valued at $802,414,441.90. The trade was a 0.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 917,976 shares of company stock worth $136,567,647 in the last quarter. 11.84% of the stock is owned by corporate insiders.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $123.46 on Thursday. The business has a 50-day moving average of $135.02 and a two-hundred day moving average of $143.56. The firm has a market capitalization of $22.30 billion, a PE ratio of 108.30 and a beta of 2.65. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business had revenue of $268.03 million during the quarter, compared to analysts' expectations of $234.99 million. During the same quarter in the previous year, the business earned $0.07 EPS. The company's revenue for the quarter was up 272.1% on a year-over-year basis. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CRDO shares. Barclays restated an "overweight" rating and issued a $260.00 target price on shares of Credo Technology Group in a report on Thursday, January 15th. Wolfe Research set a $240.00 target price on shares of Credo Technology Group in a research report on Tuesday, December 2nd. The Goldman Sachs Group set a $165.00 target price on shares of Credo Technology Group and gave the stock a "buy" rating in a research note on Thursday, February 19th. TD Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Finally, Roth Mkm reduced their target price on Credo Technology Group from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $209.29.

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.

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