Granahan Investment Management LLC Decreases Stake in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Granahan Investment Management cut its stake in Credo Technology Group by 38.9% in the first quarter, selling 35,671 shares and leaving it with 56,099 shares worth about $5.27 million.
• Insiders have also been selling shares: CTO Chi Fung Cheng and CEO William Joseph Brennan both reduced their holdings, and insiders sold 302,162 shares worth about $70.9 million over the last three months.
• Analysts remain upbeat on CRDO, with multiple firms raising price targets and the consensus rating staying at Buy; the average target price is $266.17, above the stock’s recent $213.15 open.

Granahan Investment Management LLC reduced its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 38.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 56,099 shares of the company's stock after selling 35,671 shares during the quarter. Granahan Investment Management LLC's holdings in Credo Technology Group were worth $5,266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. NewEdge Advisors LLC lifted its stake in Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock valued at $284,000 after acquiring an additional 3,972 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after acquiring an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company's stock worth $12,480,000 after acquiring an additional 7,107 shares during the period. CW Advisors LLC purchased a new position in shares of Credo Technology Group during the second quarter valued at approximately $288,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Credo Technology Group by 198.2% during the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock valued at $46,000 after purchasing an additional 333 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the company's stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total value of $6,684,150.00. Following the completion of the sale, the chief technology officer owned 5,882,370 shares in the company, valued at $1,429,768,852.20. This represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the firm's stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the completion of the transaction, the chief executive officer directly owned 367,327 shares in the company, valued at $80,286,662.39. This trade represents a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 302,162 shares of company stock valued at $70,897,646. 11.84% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CRDO shares. Needham & Company LLC raised their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a "buy" rating in a report on Monday, June 1st. Roth Capital boosted their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Barclays increased their price target on Credo Technology Group from $260.00 to $300.00 and gave the company an "overweight" rating in a report on Monday. Evercore started coverage on Credo Technology Group in a research note on Monday, June 22nd. They issued an "outperform" rating and a $325.00 price target on the stock. Finally, Mizuho lifted their price objective on Credo Technology Group from $260.00 to $290.00 and gave the stock an "outperform" rating in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $266.17.

Credo Technology Group Trading Down 9.9%

Shares of NASDAQ CRDO opened at $213.15 on Friday. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The firm has a market capitalization of $39.75 billion, a price-to-earnings ratio of 85.95, a price-to-earnings-growth ratio of 1.08 and a beta of 3.20. The firm has a 50 day moving average of $235.28 and a 200 day moving average of $169.88.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The business had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same period last year, the firm earned $0.20 earnings per share. The company's quarterly revenue was up 157.0% on a year-over-year basis. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Credo Technology Group 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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