Trek Financial LLC Sells 22,089 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Trek Financial LLC lessened its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 78.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,116 shares of the company's stock after selling 22,089 shares during the quarter. Trek Financial LLC's holdings in Credo Technology Group were worth $246,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. CIBC Private Wealth Group LLC boosted its position in Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after purchasing an additional 348 shares during the last quarter. Calamos Advisors LLC increased its stake in Credo Technology Group by 3.1% during the 1st quarter. Calamos Advisors LLC now owns 17,369 shares of the company's stock worth $698,000 after acquiring an additional 529 shares during the period. Prudential Financial Inc. increased its stake in shares of Credo Technology Group by 6.0% in the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company's stock valued at $662,000 after purchasing an additional 560 shares during the last quarter. KBC Group NV increased its stake in shares of Credo Technology Group by 11.7% in the 1st quarter. KBC Group NV now owns 6,324 shares of the company's stock valued at $254,000 after purchasing an additional 663 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Credo Technology Group during the 1st quarter valued at $27,000. Institutional investors own 80.46% of the company's stock.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Monday, July 7th. The shares were sold at an average price of $91.94, for a total value of $5,056,700.00. Following the transaction, the chief technology officer owned 7,328,961 shares in the company, valued at approximately $673,824,674.34. This represents a 0.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Laufman sold 5,000 shares of the company's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $85.07, for a total transaction of $425,350.00. Following the completion of the transaction, the insider owned 249,346 shares in the company, valued at approximately $21,211,864.22. This represents a 1.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,082,349 shares of company stock worth $78,589,471 over the last ninety days. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock traded up $1.48 during trading on Friday, hitting $98.77. 2,153,803 shares of the stock were exchanged, compared to its average volume of 5,416,336. Credo Technology Group Holding Ltd. has a 12-month low of $22.50 and a 12-month high of $100.13. The stock has a market cap of $16.95 billion, a price-to-earnings ratio of 365.72, a price-to-earnings-growth ratio of 1.75 and a beta of 2.57. The firm's 50-day moving average price is $72.69 and its 200 day moving average price is $62.51.

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 (EPS) for the quarter, topping 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 business had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. During the same period in the previous year, the business posted $0.07 earnings per share. The business's revenue was up 179.6% compared to the same quarter last year. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Roth Capital set a $95.00 price objective on Credo Technology Group and gave the company a "buy" rating in a research note on Friday, June 13th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Needham & Company LLC increased 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. Barclays set a $85.00 target price on Credo Technology Group and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. Finally, Stifel Nicolaus raised their price objective on Credo Technology Group from $69.00 to $80.00 and gave the company a "buy" rating in a research note on Tuesday, June 3rd. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $82.45.

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.