Diversified Trust Co Decreases Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Diversified Trust Co reduced its holdings in Credo Technology Group by 29.2%, owning 24,792 shares valued at approximately $2.3 million after selling 10,241 shares.
• CEO William Joseph Brennan sold 150,000 shares for a total of $16 million, reducing his ownership by 6.78% to just over 2 million shares.
• Despite missing earnings expectations, Credo Technology Group reported a 273.6% year-over-year revenue increase, with Q1 revenue of $223.07 million versus estimates of $190.63 million.

Diversified Trust Co cut its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 29.2% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,792 shares of the company's stock after selling 10,241 shares during the period. Diversified Trust Co's holdings in Credo Technology Group were worth $2,295,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of CRDO. Operose Advisors LLC raised its position in Credo Technology Group by 69.2% during the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after purchasing an additional 252 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in Credo Technology Group during the 1st quarter valued at $25,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Credo Technology Group during the 1st quarter valued at $27,000. Harbour Investments Inc. purchased a new position in shares of Credo Technology Group in the 1st quarter valued at $29,000. Finally, Virtus Advisers LLC purchased a new position in shares of Credo Technology Group in the 1st quarter valued at $31,000. 80.46% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CRDO. Wall Street Zen downgraded Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday. Mizuho lifted their price target on Credo Technology Group from $135.00 to $155.00 and gave the company an "outperform" rating in a report on Thursday, September 4th. TD Cowen lifted their price target on Credo Technology Group from $140.00 to $160.00 and gave the company a "buy" rating in a report on Thursday, September 4th. Stifel Nicolaus set a $155.00 price target on Credo Technology Group in a report on Thursday, September 4th. Finally, Zacks Research upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 8th. Two equities research analysts have rated the stock with a Strong Buy rating and thirteen have given a Buy rating to the company's stock. According to MarketBeat, Credo Technology Group currently has a consensus rating of "Buy" and an average target price of $126.27.

Credo Technology Group Stock Down 2.6%

NASDAQ:CRDO traded down $4.30 during trading hours on Tuesday, reaching $159.80. 3,258,723 shares of the stock were exchanged, compared to its average volume of 5,276,851. The business has a 50-day moving average of $124.32 and a two-hundred day moving average of $82.22. Credo Technology Group Holding Ltd. has a twelve month low of $28.75 and a twelve month high of $176.70. The company has a market capitalization of $27.65 billion, a price-to-earnings ratio of 239.12 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The company had revenue of $223.07 million during the quarter, compared to analyst estimates of $190.63 million. Credo Technology Group had a net margin of 20.85% and a return on equity of 19.02%. The firm's revenue was up 273.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.04 earnings per share. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $163.98, for a total value of $9,018,900.00. Following the completion of the transaction, the chief technology officer directly owned 6,998,961 shares in the company, valued at approximately $1,147,689,624.78. The trade was a 0.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lip Bu Tan sold 20,000 shares of the company's stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $175.12, for a total value of $3,502,400.00. Following the sale, the director owned 422,180 shares of the company's stock, valued at approximately $73,932,161.60. The trade was a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 756,163 shares of company stock worth $88,943,253 in the last three months. Company insiders own 11.84% 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.