Credo Technology Group Holding Ltd. $CRDO Shares Sold by Lord Abbett & CO. LLC

Key Points

• Lord Abbett & CO. LLC reduced its stake in Credo Technology Group by 41.5% in the first quarter, now holding 789,950 shares valued at approximately $31.7 million.
• Credo Technology Group reported a strong quarterly earnings of $0.35 EPS, beating expectations of $0.27, with a revenue increase of 179.6% year-over-year.
• Insiders sold a total of 1,274,583 shares of Credo Technology stock valued at $113.1 million in the last quarter, representing a notable decrease in their ownership.

Lord Abbett & CO. LLC cut its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 41.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 789,950 shares of the company's stock after selling 559,512 shares during the quarter. Lord Abbett & CO. LLC owned 0.47% of Credo Technology Group worth $31,724,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CRDO. Operose Advisors LLC boosted its holdings in Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after acquiring an additional 252 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Credo Technology Group in the first quarter valued at $27,000. Harbour Investments Inc. bought a new stake in Credo Technology Group in the first quarter valued at $29,000. Optimum Investment Advisors bought a new stake in Credo Technology Group in the first quarter valued at $52,000. Finally, Larson Financial Group LLC boosted its holdings in Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after acquiring an additional 245 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Down 10.9%

CRDO traded down $12.9230 during trading on Tuesday, reaching $105.8170. The company had a trading volume of 4,411,193 shares, compared to its average volume of 5,200,239. The business has a 50 day simple moving average of $98.66 and a 200-day simple moving average of $69.28. Credo Technology Group Holding Ltd. has a 52 week low of $24.08 and a 52 week high of $128.56. The stock has a market cap of $18.16 billion, a P/E ratio of 392.73, a PEG ratio of 2.09 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its 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. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%.The business had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same quarter last year, the firm posted $0.07 earnings per share. The business's revenue was up 179.6% compared to the same quarter last year. Credo Technology Group has set its Q1 2026 guidance at EPS. As a group, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRDO. Stifel Nicolaus lifted their price target 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. Roth Capital set a $95.00 target price on shares of Credo Technology Group and gave the company a "buy" rating in a report on Friday, June 13th. Needham & Company LLC boosted their target price 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. TD Cowen boosted their target price on shares of Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. Finally, Mizuho upped their price target on shares of Credo Technology Group from $112.00 to $135.00 and gave the stock an "outperform" rating in a research note on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $91.27.

Insider Buying and Selling 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 dated Thursday, June 5th. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36. Following the transaction, the chief technology officer owned 7,603,961 shares in the company, valued at $569,992,916.56. The trade was a 0.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lip Bu Tan sold 171,473 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the sale, the director directly owned 613,725 shares of the company's stock, valued at approximately $47,809,177.50. This represents a 21.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,274,583 shares of company stock worth $113,118,257 over the last quarter. Insiders own 16.04% of the company's stock.

About Credo Technology Group

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.