JPMorgan Chase & Co. Sells 5,265,795 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• JPMorgan Chase & Co. has reduced its stake in Credo Technology Group by 52.5%, selling over 5.2 million shares, and now holds approximately 2.81% of the company, valued at $191.5 million.
• Credo Technology Group reported a significant 179.6% year-over-year revenue increase, posting $170 million in revenue for the quarter, and exceeded earnings expectations with $0.35 EPS compared to a consensus estimate of $0.27.
• Analysts maintain a consensus rating of “Buy” for Credo Technology Group, with the price target ranging from $81 to $115 according to multiple firms' reports.

JPMorgan Chase & Co. lessened its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 52.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,769,090 shares of the company's stock after selling 5,265,795 shares during the period. JPMorgan Chase & Co. owned approximately 2.81% of Credo Technology Group worth $191,527,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CRDO. Wells Fargo & Company MN grew its position in Credo Technology Group by 176.2% during the 4th 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 during the last quarter. Envestnet Asset Management Inc. grew its position in Credo Technology Group by 14.2% during the 4th 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 during the last quarter. Cerity Partners LLC purchased a new stake in Credo Technology Group during the 4th quarter worth approximately $335,000. Invesco Ltd. grew its position in Credo Technology Group by 589.7% during the 4th quarter. Invesco Ltd. now owns 535,684 shares of the company's stock worth $36,003,000 after purchasing an additional 458,015 shares during the last quarter. Finally, Legal & General Group Plc grew its position in Credo Technology Group by 15.3% during the 4th quarter. Legal & General Group Plc now owns 157,248 shares of the company's stock worth $10,569,000 after purchasing an additional 20,891 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

CRDO opened at $121.13 on Thursday. The firm has a fifty day moving average price of $95.94 and a 200 day moving average price of $68.01. Credo Technology Group Holding Ltd. has a 1 year low of $24.08 and a 1 year high of $128.56. The stock has a market cap of $20.79 billion, a P/E ratio of 448.63, a P/E/G ratio of 2.25 and a beta of 2.59.

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 the consensus estimate of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The business's revenue was up 179.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.07 EPS. Equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Mizuho upped their price objective on shares of Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Stifel Nicolaus upped their price objective on shares of 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 shares of Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $87.91.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 150,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,061,978 shares in the company, valued at approximately $220,363,588.86. This represents a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Chi Fung Cheng sold 59,641 shares of the company's stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the transaction, the chief technology officer owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. This represents a 0.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,274,583 shares of company stock worth $113,118,257. Company 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.

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.