Emerald Mutual Fund Advisers Trust Lowers Stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Emerald Mutual Fund Advisers Trust lessened its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 11.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 748,851 shares of the company's stock after selling 100,786 shares during the period. Credo Technology Group comprises approximately 2.1% of Emerald Mutual Fund Advisers Trust's holdings, making the stock its 4th biggest position. Emerald Mutual Fund Advisers Trust owned approximately 0.44% of Credo Technology Group worth $30,074,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. CIBC Private Wealth Group LLC raised its stake in Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after acquiring an additional 348 shares during the period. Calamos Advisors LLC raised 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. raised its stake in Credo Technology Group by 6.0% during the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company's stock worth $662,000 after acquiring an additional 560 shares during the period. KBC Group NV raised its stake in Credo Technology Group by 11.7% during the 1st quarter. KBC Group NV now owns 6,324 shares of the company's stock worth $254,000 after acquiring an additional 663 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Credo Technology Group during the 1st quarter worth approximately $27,000. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Performance

Shares of CRDO opened at $98.52 on Friday. The company's fifty day moving average is $73.70 and its 200 day moving average is $62.69. Credo Technology Group Holding Ltd. has a fifty-two week low of $22.50 and a fifty-two week high of $100.13. The stock has a market capitalization of $16.91 billion, a PE ratio of 364.89, a P/E/G ratio of 1.75 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $170.00 million for the quarter, compared to analysts' expectations of $159.59 million. During the same quarter in the previous year, the business posted $0.07 earnings per share. Credo Technology Group's quarterly revenue was up 179.6% on a year-over-year basis. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 59,641 shares of the business's stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $74.96, for a total transaction 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 legal filing with the SEC, which is available at this link. Also, Director Lip Bu Tan sold 171,473 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the transaction, the director owned 613,725 shares in the company, valued at $47,809,177.50. This trade represents a 21.84% 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 in the last quarter. Company insiders own 16.04% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CRDO. Cowen restated a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. TD Cowen raised their target price on shares of Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Needham & Company LLC increased their price objective 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. Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the company a "buy" rating in a report on Friday, June 13th. Finally, Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Credo Technology Group has an average rating of "Buy" and an average target price of $82.45.

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.

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