First Trust Advisors LP Has $24.01 Million Holdings in Credo Technology Group Holding Ltd. $CRDO

First Trust Advisors LP trimmed its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 2.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 255,744 shares of the company's stock after selling 7,294 shares during the quarter. First Trust Advisors LP owned approximately 0.14% of Credo Technology Group worth $24,007,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the company. Crewe Advisors LLC boosted its holdings in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after acquiring an additional 106 shares in the last quarter. Reflection Asset Management acquired a new stake in Credo Technology Group during the 4th quarter valued at $25,000. Acumen Wealth Advisors LLC bought a new position in Credo Technology Group in the 4th quarter valued at $25,000. Flagship Harbor Advisors LLC bought a new position in Credo Technology Group in the 4th quarter valued at $32,000. Finally, AlphaCentric Advisors LLC acquired a new position in Credo Technology Group in the first quarter worth $33,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CRDO. TD Cowen raised their target price on Credo Technology Group from $240.00 to $260.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Bank of America upped their price target on shares of Credo Technology Group from $252.00 to $340.00 and gave the stock a "buy" rating in a research report on Tuesday, June 23rd. The Goldman Sachs Group restated a "buy" rating and issued a $250.00 price objective on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Evercore started coverage on shares of Credo Technology Group in a research note on Monday, June 22nd. They issued an "outperform" rating and a $325.00 target price for the company. Finally, Roth Capital upped their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $266.17.

Insider Buying and Selling at Credo Technology Group

In other news, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the sale, the chief executive officer owned 367,327 shares in the company, valued at $80,286,662.39. The trade was a 13.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel W. Fleming sold 40,000 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares of the company's stock, valued at approximately $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 302,162 shares of company stock worth $72,080,421. Company insiders own 11.84% of the company's stock.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $192.28 on Wednesday. The stock has a market capitalization of $35.86 billion, a P/E ratio of 77.53, a price-to-earnings-growth ratio of 0.95 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The stock has a fifty day moving average of $236.79 and a 200-day moving average of $170.98.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm's revenue for the quarter was up 157.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.20 earnings per share. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group, Inc NASDAQ: CRDO is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo's product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.

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