Federated Hermes Inc. Lowers Stock Holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Federated Hermes Inc. has reduced its stake in Credo Technology Group by 30.3%, selling over 80,000 shares, and now owns approximately 0.11% of the company, valued at $7.45 million.
• Insider trading activity has been noted, including a sale of over 171,000 shares by Director Lip Bu Tan, indicating a 21.84% decrease in their position.
• The stock price of Credo Technology Group has been volatile, with a one-year range of $22.50 to $118.95, and analysts maintaining a consensus rating of "Buy".

Federated Hermes Inc. reduced its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 30.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 185,600 shares of the company's stock after selling 80,725 shares during the quarter. Federated Hermes Inc. owned about 0.11% of Credo Technology Group worth $7,454,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Polar Capital Holdings Plc boosted its position in Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock valued at $97,527,000 after buying an additional 1,150,084 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Credo Technology Group by 441.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock valued at $65,594,000 after buying an additional 795,751 shares during the last quarter. Bank of America Corp DE lifted its holdings in Credo Technology Group by 281.7% in the fourth 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. Deutsche Bank AG lifted its holdings in Credo Technology Group by 710.9% in the fourth quarter. Deutsche Bank AG now owns 623,332 shares of the company's stock valued at $41,894,000 after acquiring an additional 546,466 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in Credo Technology Group by 49.5% in the fourth quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock valued at $110,482,000 after acquiring an additional 543,940 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Stifel Nicolaus boosted their price target on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a report on Friday, July 18th. Wall Street Zen downgraded Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Mizuho boosted their price target on Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Barclays set a $85.00 price target on Credo Technology Group and gave the company an "overweight" rating in a report on Tuesday, June 3rd. Finally, TD Cowen upped their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $87.91.

Credo Technology Group Price Performance

NASDAQ CRDO traded up $7.32 during mid-day trading on Wednesday, hitting $117.61. The stock had a trading volume of 3,283,428 shares, compared to its average volume of 5,299,137. The firm's 50 day moving average is $89.45 and its 200 day moving average is $66.32. Credo Technology Group Holding Ltd. has a twelve month low of $24.08 and a twelve month high of $118.95. The stock has a market capitalization of $20.19 billion, a price-to-earnings ratio of 435.27, a PEG ratio of 2.06 and a beta of 2.59.

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, beating the consensus estimate of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The firm's revenue was up 179.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.07 EPS. As a group, equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Buying and Selling

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $107.00, for a total value of $200,625.00. Following the completion of the sale, the director directly owned 5,898,652 shares in the company, valued at $631,155,764. This represents a 0.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $107.12, for a total value of $5,891,600.00. Following the completion of the sale, the chief technology officer owned 7,108,961 shares of the company's stock, valued at approximately $761,511,902.32. The trade was a 0.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,274,583 shares of company stock valued at $113,118,257 in the last quarter. Corporate insiders own 16.04% of the company's stock.

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.