Wellington Management Group LLP Sells 649,066 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Wellington Management Group LLP has reduced its holdings in Credo Technology Group by 38.5%, selling 649,066 shares and now owning 1,036,950 shares valued at approximately $41.6 million.
• Multiple analysts have upgraded their ratings and price targets for CRDO, with Mizuho increasing its target price to $135.00, highlighting a consensus price target of $91.27 across analysts.
• Credo Technology Group reported a quarterly revenue of $170 million with a significant increase of 179.6% year-over-year, and exceeded earnings estimates with an EPS of $0.35.

Wellington Management Group LLP lessened its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 38.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,036,950 shares of the company's stock after selling 649,066 shares during the period. Wellington Management Group LLP owned approximately 0.61% of Credo Technology Group worth $41,644,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Versor Investments LP boosted its stake in shares of Credo Technology Group by 519.5% in the first quarter. Versor Investments LP now owns 19,125 shares of the company's stock valued at $768,000 after buying an additional 16,038 shares during the period. Fox Run Management L.L.C. boosted its stake in shares of Credo Technology Group by 342.4% in the first quarter. Fox Run Management L.L.C. now owns 17,237 shares of the company's stock valued at $692,000 after buying an additional 13,341 shares during the period. Finley Financial LLC boosted its stake in shares of Credo Technology Group by 53.5% in the first quarter. Finley Financial LLC now owns 3,960 shares of the company's stock valued at $171,000 after buying an additional 1,380 shares during the period. Oak Ridge Investments LLC boosted its stake in shares of Credo Technology Group by 9.2% in the first quarter. Oak Ridge Investments LLC now owns 55,205 shares of the company's stock valued at $2,217,000 after buying an additional 4,637 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in shares of Credo Technology Group by 19.2% in the first quarter. Russell Investments Group Ltd. now owns 53,581 shares of the company's stock valued at $2,152,000 after buying an additional 8,649 shares during the period. Institutional investors own 80.46% of the company's stock.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 59,641 shares of the stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the transaction, the chief technology officer owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. This represents a 0.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Joseph Brennan sold 150,000 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,061,978 shares in the company, valued at approximately $220,363,588.86. The trade was a 6.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,274,583 shares of company stock valued at $113,118,257 in the last 90 days. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Stock Up 8.2%

Credo Technology Group stock traded up $10.02 during trading hours on Thursday, reaching $132.75. 3,583,545 shares of the company's stock were exchanged, compared to its average volume of 5,146,925. The firm's 50 day simple moving average is $103.92 and its 200 day simple moving average is $71.16. Credo Technology Group Holding Ltd. has a twelve month low of $24.08 and a twelve month high of $134.35. The firm has a market capitalization of $22.96 billion, a PE ratio of 491.68, a PEG ratio of 2.16 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%.The business's revenue was up 179.6% compared to the same quarter last year. During the same period last year, the business posted $0.07 EPS. Credo Technology Group has set its Q1 2026 guidance at EPS. Analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CRDO. Mizuho boosted their price target on Credo Technology Group from $112.00 to $135.00 and gave the company an "outperform" rating in a research note on Thursday, August 14th. TD Cowen boosted their price target on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Stifel Nicolaus boosted their price target on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Wall Street Zen cut Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Sunday. Finally, Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. One analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the stock. Based on data from MarketBeat, Credo Technology Group presently has a consensus rating of "Buy" and an average target price of $91.27.

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.