CloudAlpha Capital Management Limited Hong Kong Has $4.66 Million Stock Holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• CloudAlpha Capital Management Limited Hong Kong reduced its stake in Credo Technology Group by 68.3%, selling 249,234 shares and now holding approximately 0.4% of the company.
• Credo Technology Group reported a 179.6% year-over-year revenue increase with $170 million for the latest quarter, exceeding analysts' expectations of $159.59 million.
• Insider activity showed significant selling, with insiders unloading 1,078,139 shares valued at $85 million in the last quarter, reflecting a decrease in their holdings.

CloudAlpha Capital Management Limited Hong Kong lessened its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 68.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 115,940 shares of the company's stock after selling 249,234 shares during the period. Credo Technology Group comprises 0.4% of CloudAlpha Capital Management Limited Hong Kong's portfolio, making the stock its 26th largest position. CloudAlpha Capital Management Limited Hong Kong owned 0.07% of Credo Technology Group worth $4,656,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. Norges Bank acquired a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $117,242,000. Alliancebernstein L.P. raised its position in shares of 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 purchasing an additional 1,305,594 shares during the period. Polar Capital Holdings Plc raised its position in shares of Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after purchasing an additional 1,150,084 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after purchasing an additional 795,751 shares during the period. Finally, Bank of America Corp DE increased its position in Credo Technology Group by 281.7% in the 4th quarter. Bank of America Corp DE now owns 391,446 shares of the company's stock valued at $26,309,000 after acquiring an additional 606,850 shares during the period. Institutional investors own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on CRDO. Cowen restated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Stifel Nicolaus raised their target price on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Barclays set a $85.00 target price on Credo Technology Group and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. Wall Street Zen cut Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Needham & Company LLC raised their target price on Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $87.91.

Credo Technology Group Stock Performance

Shares of CRDO stock traded up $0.05 during mid-day trading on Friday, hitting $101.22. 2,303,405 shares of the stock traded hands, compared to its average volume of 4,562,127. Credo Technology Group Holding Ltd. has a twelve month low of $22.50 and a twelve month high of $104.35. The firm has a market cap of $17.37 billion, a price-to-earnings ratio of 374.89, a price-to-earnings-growth ratio of 1.82 and a beta of 2.57. The company's 50-day simple moving average is $82.55 and its 200-day simple moving average is $64.57.

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, beating the consensus estimate 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 period last year, the firm earned $0.07 EPS. The firm's revenue for the quarter was up 179.6% on a year-over-year basis. Analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $97.29, for a total transaction of $368,729.10. Following the completion of the sale, the chief financial officer directly owned 582,428 shares of the company's stock, valued at $56,664,420.12. This trade represents a 0.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lip Bu Tan sold 12,248 shares of the firm's stock in a transaction on Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total value of $1,141,758.56. Following the sale, the director directly owned 467,180 shares of the company's stock, valued at approximately $43,550,519.60. This represents a 2.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,078,139 shares of company stock valued at $85,302,680. 16.04% of the stock is owned by insiders.

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.