Invesco Ltd. Sells 106,767 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Invesco Ltd. reduced its holdings in Credo Technology Group by 19.9%, selling 106,767 shares during the first quarter, leaving it with 428,917 shares valued at $17.2 million.
• Other institutional investors, such as Janney Montgomery Scott and Teacher Retirement System of Texas, have increased their stakes significantly during the same period, indicating growing interest in the company.
• Credo Technology Group reported a strong quarterly performance, with a revenue increase of 179.6% year-over-year and a positive earnings outlook, drawing attention from analysts who have upgraded the stock to a "buy" rating.

Invesco Ltd. reduced its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 19.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 428,917 shares of the company's stock after selling 106,767 shares during the quarter. Invesco Ltd. owned 0.25% of Credo Technology Group worth $17,225,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group during the first quarter valued at $27,000. Harbour Investments Inc. bought a new position in shares of Credo Technology Group in the first quarter worth about $29,000. Optimum Investment Advisors bought a new position in shares of Credo Technology Group in the first quarter worth about $52,000. Larson Financial Group LLC increased its stake in shares of Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after purchasing an additional 245 shares during the period. Finally, Quarry LP acquired a new position in Credo Technology Group in the 4th quarter valued at approximately $58,000. 80.46% of the stock is owned by institutional investors.

Insider Activity

In other Credo Technology Group news, CEO William Joseph Brennan sold 150,000 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 transaction of $16,030,500.00. Following the completion of the sale, the chief executive officer directly owned 2,061,978 shares in the company, valued at approximately $220,363,588.86. This trade represents a 6.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lip Bu Tan sold 171,473 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $77.90, for a total value of $13,357,746.70. Following the sale, the director owned 613,725 shares of the company's stock, valued at approximately $47,809,177.50. The trade was a 21.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,274,583 shares of company stock worth $113,118,257. Insiders own 16.04% of the company's stock.

Analysts Set New Price Targets

CRDO has been the subject of several recent research reports. Needham & Company LLC upped their price target on 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 target on shares of Credo Technology Group and gave the stock a "buy" rating in a research report on Friday, June 13th. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Mizuho upped their price target on Credo Technology Group from $112.00 to $135.00 and gave the company an "outperform" rating in a research note on Thursday, August 14th. Finally, Stifel Nicolaus raised their price target on Credo Technology Group from $80.00 to $115.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. One equities research analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $91.27.

Credo Technology Group Stock Performance

Credo Technology Group stock traded up $2.63 during midday trading on Wednesday, reaching $122.73. 3,432,932 shares of the company's stock were exchanged, compared to its average volume of 3,935,321. Credo Technology Group Holding Ltd. has a 52 week low of $24.08 and a 52 week high of $128.56. The firm has a market cap of $21.23 billion, a price-to-earnings ratio of 454.56, a P/E/G ratio of 2.16 and a beta of 2.59. The stock's 50-day simple moving average is $103.92 and its 200 day simple moving average is $71.16.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The company had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%.The business's revenue was up 179.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.07 earnings per share. Credo Technology Group has set its Q1 2026 guidance at EPS. Research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

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.