Diversified Trust Co Cuts Holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Diversified Trust Co cut its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 7.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 35,033 shares of the company's stock after selling 2,861 shares during the quarter. Diversified Trust Co's holdings in Credo Technology Group were worth $1,407,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CRDO. New York State Common Retirement Fund lifted its holdings in shares of Credo Technology Group by 11.2% during the fourth quarter. New York State Common Retirement Fund now owns 60,821 shares of the company's stock valued at $4,088,000 after purchasing an additional 6,147 shares in the last quarter. Bank of New York Mellon Corp raised its position in Credo Technology Group by 7.0% in the 4th quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company's stock worth $37,798,000 after buying an additional 36,949 shares during the last quarter. Amalgamated Bank lifted its stake in Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company's stock valued at $321,000 after acquiring an additional 411 shares during the period. Los Angeles Capital Management LLC boosted its holdings in shares of Credo Technology Group by 20.3% during the 4th quarter. Los Angeles Capital Management LLC now owns 22,061 shares of the company's stock valued at $1,483,000 after acquiring an additional 3,725 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new stake in shares of Credo Technology Group in the fourth quarter worth approximately $700,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 171,473 shares of the stock in a transaction on 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 owned 613,725 shares in the company, valued at approximately $47,809,177.50. This represents a 21.84% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 59,641 shares of the firm's stock in a transaction dated Thursday, June 5th. The shares were sold at an average price of $74.96, for a total value of $4,470,689.36. Following the sale, the chief technology officer directly owned 7,603,961 shares in the company, valued at approximately $569,992,916.56. This represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,086,139 shares of company stock worth $72,537,163 in the last ninety days. Insiders own 16.04% of the company's stock.

Credo Technology Group Trading Up 1.4%

NASDAQ CRDO traded up $1.26 on Wednesday, hitting $88.85. 3,627,521 shares of the company traded hands, compared to its average volume of 4,102,224. The business's 50 day moving average price is $65.58 and its 200-day moving average price is $61.28. Credo Technology Group Holding Ltd. has a 52-week low of $22.50 and a 52-week high of $95.71. The company has a market capitalization of $15.09 billion, a price-to-earnings ratio of 329.15, a P/E/G ratio of 1.66 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. The firm had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a return on equity of 9.15% and a net margin of 11.95%. The business's revenue for the quarter was up 179.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.07 earnings per share. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CRDO. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. 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 research note on Tuesday, June 3rd. Bank of America dropped their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Susquehanna reaffirmed a "positive" rating and issued a $90.00 price objective (up previously from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. Finally, Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $81.00.

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.