Credo Technology Group Holding Ltd. $CRDO Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

Key Points

• UBS Asset Management cut its Credo Technology stake by 99.3% in the second quarter, selling 681,614 shares and retaining 4,619 shares valued at $1.26 million. Institutional investors and hedge funds collectively own 80.46% of CRDO.
• Analyst sentiment remains positive overall, with a “Moderate Buy” consensus and an average price target of $267.39, despite downgrades from Weiss Ratings and Zacks Research.
• Credo reported quarterly EPS of $1.20 versus expectations of $1.17, while revenue rose 114.7% year over year to $479 million. Shares opened at $162.95, well below their 52-week high of $308.67.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 99.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,619 shares of the company's stock after selling 681,614 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC's holdings in Credo Technology Group were worth $1,256,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. NewEdge Advisors LLC raised its holdings in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock valued at $284,000 after acquiring an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after acquiring an additional 589,151 shares during the last quarter. CW Advisors LLC acquired a new stake in shares of Credo Technology Group in the second quarter worth approximately $288,000. EverSource Wealth Advisors LLC increased its position in shares of Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock worth $46,000 after purchasing an additional 333 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Credo Technology Group by 4.3% during the second quarter. First Trust Advisors LP now owns 212,318 shares of the company's stock worth $19,659,000 after purchasing an additional 8,720 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRDO has been the topic of a number of research reports. Susquehanna raised their price objective on Credo Technology Group from $235.00 to $250.00 and gave the company a "positive" rating in a report on Tuesday, July 21st. Jefferies Financial Group upped their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Evercore set a $292.00 target price on shares of Credo Technology Group in a research report on Wednesday, September 2nd. Weiss Ratings downgraded shares of Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, September 4th. Finally, Zacks Research lowered shares of Credo Technology Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $267.39.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $162.95 on Friday. The business's 50 day moving average price is $221.67 and its 200 day moving average price is $190.41. The company has a market cap of $30.63 billion, a price-to-earnings ratio of 57.99, a PEG ratio of 0.65 and a beta of 3.22. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The company had revenue of $479.00 million during the quarter, compared to analysts' expectations of $473.30 million. During the same period in the prior year, the business earned $0.52 EPS. The firm's quarterly revenue was up 114.7% on a year-over-year basis. On average, analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insider Activity

In other news, CFO Daniel Fleming sold 7,580 shares of the business's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the transaction, the chief financial officer owned 504,708 shares of the company's stock, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the company's stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the completion of the sale, the chief technology officer directly owned 5,882,370 shares of the company's stock, valued at $1,429,768,852.20. 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. In the last quarter, insiders have sold 313,074 shares of company stock valued at $71,827,816. 9.06% of the stock is currently owned by insiders.

Credo Technology Group Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company's portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.

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