Informed Momentum Co LLC Decreases Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Informed Momentum Co LLC reduced its holdings in Credo Technology Group by 66.6%, now owning 40,617 shares valued at approximately $1.63 million after selling 81,121 shares in the first quarter.
• CEO William Joseph Brennan sold 46,444 shares for about $4.96 million, reducing his ownership by 10.56%, while Director Pantas Sutardja also sold a small number of shares.
• Analysts maintain a strong outlook for Credo Technology Group, with an average rating of "Buy" and a price target of approximately $87.91, following their impressive earnings report that exceeded expectations.

Informed Momentum Co LLC trimmed its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 66.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 40,617 shares of the company's stock after selling 81,121 shares during the quarter. Informed Momentum Co LLC's holdings in Credo Technology Group were worth $1,631,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of CRDO. Wells Fargo & Company MN boosted its position in Credo Technology Group by 176.2% during the fourth quarter. Wells Fargo & Company MN now owns 133,237 shares of the company's stock worth $8,955,000 after purchasing an additional 85,006 shares in the last quarter. Envestnet Asset Management Inc. boosted its position in Credo Technology Group by 14.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 73,634 shares of the company's stock worth $4,949,000 after purchasing an additional 9,131 shares in the last quarter. Cerity Partners LLC purchased a new stake in Credo Technology Group during the fourth quarter worth $335,000. Invesco Ltd. boosted its position in Credo Technology Group by 589.7% during the fourth quarter. Invesco Ltd. now owns 535,684 shares of the company's stock worth $36,003,000 after purchasing an additional 458,015 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Credo Technology Group by 15.3% in the fourth quarter. Legal & General Group Plc now owns 157,248 shares of the company's stock valued at $10,569,000 after acquiring an additional 20,891 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 46,444 shares of the stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $106.87, for a total value of $4,963,470.28. Following the completion of the sale, the chief executive officer owned 393,338 shares in the company, valued at approximately $42,036,032.06. This trade represents a 10.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $107.00, for a total value of $200,625.00. Following the completion of the sale, the director owned 5,898,652 shares of the company's stock, valued at approximately $631,155,764. This trade represents a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,274,583 shares of company stock worth $113,118,257 in the last ninety days. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Stock Performance

CRDO stock opened at $125.38 on Wednesday. Credo Technology Group Holding Ltd. has a 1 year low of $24.08 and a 1 year high of $125.44. The firm has a market cap of $21.52 billion, a P/E ratio of 464.37, a price-to-earnings-growth ratio of 2.13 and a beta of 2.59. The stock has a 50-day simple moving average of $95.05 and a 200-day simple moving average of $67.64.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The business had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same quarter last year, the firm earned $0.07 earnings per share. The company's revenue for the quarter was up 179.6% compared to the same quarter last year. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CRDO. Needham & Company LLC upped their price objective on Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a research report on Tuesday, June 3rd. Cowen restated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Wall Street Zen downgraded Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Roth Capital set a $95.00 price objective on Credo Technology Group and gave the company a "buy" rating in a research report on Friday, June 13th. Finally, Barclays set a $85.00 price objective on Credo Technology Group and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of "Buy" and an average price target of $87.91.

Credo Technology Group 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.

Want to see what other hedge funds are holding CRDO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.