Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Shares Sold by Headlands Technologies LLC

Headlands Technologies LLC lowered its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 69.4% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 4,160 shares of the company's stock after selling 9,454 shares during the period. Headlands Technologies LLC's holdings in Credo Technology Group were worth $167,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group during the 1st quarter worth approximately $27,000. Harbour Investments Inc. acquired a new stake in Credo Technology Group during the 1st quarter worth approximately $29,000. Quarry LP acquired a new stake in Credo Technology Group during the 4th quarter worth approximately $58,000. Optimum Investment Advisors acquired a new stake in Credo Technology Group during the 1st quarter worth approximately $52,000. Finally, Larson Financial Group LLC lifted its holdings in Credo Technology Group by 21.5% during the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after buying an additional 245 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CRDO shares. Mizuho increased their target price on shares of Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. Cowen restated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a report on Friday, July 18th. TD Cowen upped their price objective on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Finally, Needham & Company LLC raised their target price on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $87.91.

Credo Technology Group Stock Down 3.4%

CRDO traded down $4.25 on Wednesday, reaching $121.13. The company had a trading volume of 4,673,311 shares, compared to its average volume of 5,241,189. Credo Technology Group Holding Ltd. has a 1 year low of $24.08 and a 1 year high of $128.56. The stock has a market capitalization of $20.79 billion, a PE ratio of 448.63, a P/E/G ratio of 2.13 and a beta of 2.59. The stock has a 50-day moving average price of $95.05 and a 200-day moving average price of $67.64.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The firm had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same period in the previous year, the company earned $0.07 earnings per share. Credo Technology Group's quarterly revenue was up 179.6% compared to the same quarter last year. As a group, analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 150,000 shares of the firm's stock in a transaction on 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 transaction, the chief executive officer directly owned 2,061,978 shares of the company's stock, valued at approximately $220,363,588.86. This trade represents a 6.78% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lip Bu Tan sold 171,473 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the transaction, the director directly owned 613,725 shares in the company, valued at $47,809,177.50. The trade was a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,274,583 shares of company stock valued at $113,118,257. Insiders own 16.04% of the company's stock.

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.