Credo Technology Group Holding Ltd. $CRDO Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management cut its Credo Technology stake by 60.6% in the second quarter, selling 2.07 million shares and retaining 1.35 million shares worth approximately $365.9 million. Institutional investors and hedge funds still own 80.46% of CRDO.
• Credo insiders have also been selling shares, with executives disposing of 435,076 shares valued at about $101 million over the past 90 days. The reported sales were made under pre-arranged Rule 10b5-1 plans, including transactions to cover tax obligations.
• Wall Street remains broadly positive, with an average “Moderate Buy” rating and a consensus price target of $268.39. Credo recently exceeded quarterly earnings and revenue estimates, while revenue surged 157% year over year to $437 million.

Wellington Management Group LLP lowered its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 60.6% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,345,366 shares of the company's stock after selling 2,066,529 shares during the quarter. Wellington Management Group LLP owned 0.72% of Credo Technology Group worth $365,872,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in CRDO. State Street Corp lifted its stake in Credo Technology Group by 23.4% during the fourth quarter. State Street Corp now owns 4,486,320 shares of the company's stock worth $645,537,000 after purchasing an additional 849,654 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Credo Technology Group by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company's stock valued at $555,117,000 after buying an additional 184,676 shares during the period. Corient Private Wealth LLC lifted its stake in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock worth $517,835,000 after acquiring an additional 3,597,318 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after acquiring an additional 1,406,752 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the business's stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares of the company's stock, valued at approximately $125,207,276.04. The trade was a 7.38% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Yat Tung Lam sold 55,441 shares of the business's stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the transaction, the chief operating officer owned 2,529,169 shares in the company, valued at approximately $538,763,580.38. This trade represents a 2.15% decrease in their ownership of the stock. 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 90 days, insiders have sold 435,076 shares of company stock valued at $101,043,506. Corporate insiders own 11.84% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CRDO shares. Stifel Nicolaus increased their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, June 22nd. Evercore began coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They set an "outperform" rating and a $325.00 target price for the company. Needham & Company LLC increased their target price on Credo Technology Group from $220.00 to $275.00 and gave the company a "buy" rating in a report on Monday, June 1st. Susquehanna raised their price target on Credo Technology Group from $235.00 to $250.00 and gave the company a "positive" rating in a research note on Tuesday, July 21st. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and set a $250.00 price target on shares of Credo Technology Group in a report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of "Moderate Buy" and a consensus price target of $268.39.

Credo Technology Group Price Performance

CRDO opened at $232.75 on Monday. The business's 50 day moving average is $238.64 and its two-hundred day moving average is $187.33. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The firm has a market cap of $43.74 billion, a price-to-earnings ratio of 93.85, a price-to-earnings-growth ratio of 1.06 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm had revenue of $437.00 million during the quarter, compared to analysts' expectations of $431.80 million. During the same quarter in the prior year, the business earned $0.20 EPS. Credo Technology Group's quarterly revenue was up 157.0% compared to the same quarter last year. Equities analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

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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