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Emerald Advisers LLC Decreases Stock Holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Credo Technology Group logo with Computer and Technology background

Emerald Advisers LLC lowered its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 10.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,229,033 shares of the company's stock after selling 147,894 shares during the period. Credo Technology Group accounts for 2.2% of Emerald Advisers LLC's investment portfolio, making the stock its 3rd largest position. Emerald Advisers LLC owned 0.72% of Credo Technology Group worth $49,358,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Geode Capital Management LLC grew its holdings in Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock worth $222,884,000 after acquiring an additional 138,686 shares in the last quarter. Norges Bank acquired a new stake in Credo Technology Group during the 4th quarter worth $117,242,000. Alliancebernstein L.P. raised its position in Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after buying an additional 1,305,594 shares during the last quarter. Ameriprise Financial Inc. raised its position in Credo Technology Group by 49.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock worth $110,482,000 after buying an additional 543,940 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in Credo Technology Group by 55.3% during the 4th quarter. Two Sigma Investments LP now owns 1,515,268 shares of the company's stock worth $101,841,000 after buying an additional 539,766 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on CRDO. Barclays set a $85.00 price target on shares of Credo Technology Group and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Needham & Company LLC raised their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Finally, Susquehanna reaffirmed a "positive" rating and set a $90.00 price target (up from $60.00) on shares of Credo Technology Group in a research report on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $82.45.

View Our Latest Stock Analysis on CRDO

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock in a transaction that occurred on 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 directly owned 7,603,961 shares in the company, valued at approximately $569,992,916.56. The trade was a 0.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 171,473 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the transaction, the director owned 613,725 shares in the company, valued at approximately $47,809,177.50. This represents a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,082,349 shares of company stock worth $78,589,471. 16.04% of the stock is currently owned by company insiders.

Credo Technology Group Stock Performance

Shares of CRDO traded up $1.23 during mid-day trading on Friday, reaching $98.52. 3,228,056 shares of the company's stock traded hands, compared to its average volume of 4,206,586. The business's 50-day moving average price is $73.70 and its 200-day moving average price is $62.63. The stock has a market capitalization of $16.91 billion, a P/E ratio of 364.89, a price-to-earnings-growth ratio of 1.77 and a beta of 2.57. Credo Technology Group Holding Ltd. has a 12 month low of $22.50 and a 12 month high of $100.13.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released 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 return on equity of 8.77% and a net margin of 11.95%. The company had revenue of $170.00 million for the quarter, compared to analysts' expectations of $159.59 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. The business's revenue for the quarter was up 179.6% compared to the same quarter last year. Equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Credo Technology Group Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Credo Technology Group (NASDAQ:CRDO)

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