Liontrust Investment Partners LLP Sells 127,274 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Liontrust Investment Partners cut its Credo Technology stake by 83.3% in the second quarter, selling 127,274 shares and retaining 25,476 shares valued at approximately $6.9 million. Institutional investors collectively own 80.46% of CRDO.
• Credo insiders sold significant amounts of stock, including 40,000 shares sold by the CFO and 54,984 shares sold by the CEO. Insiders sold 435,076 shares worth roughly $101 million over the past quarter.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $268.39. Credo recently exceeded earnings and revenue estimates, reporting $1.16 EPS and $437 million in revenue, up 157% year over year.

Liontrust Investment Partners LLP reduced its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 83.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,476 shares of the company's stock after selling 127,274 shares during the quarter. Liontrust Investment Partners LLP's holdings in Credo Technology Group were worth $6,928,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of CRDO. Reflection Asset Management bought a new position in shares of Credo Technology Group in the 4th quarter worth $25,000. Acumen Wealth Advisors LLC bought a new stake in shares of Credo Technology Group during the 4th quarter worth $25,000. Van ECK Associates Corp bought a new stake in shares of Credo Technology Group during the 4th quarter worth $37,000. Quarry LP grew its position in Credo Technology Group by 642.5% in the third quarter. Quarry LP now owns 297 shares of the company's stock worth $43,000 after acquiring an additional 257 shares in the last quarter. Finally, Transamerica Financial Advisors LLC increased its stake in Credo Technology Group by 268.6% in the fourth quarter. Transamerica Financial Advisors LLC now owns 317 shares of the company's stock valued at $46,000 after acquiring an additional 231 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Daniel W. Fleming sold 40,000 shares of the 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 completion of the sale, the chief financial officer owned 501,873 shares of the company's stock, valued at approximately $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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. Also, CEO William Joseph Brennan sold 54,984 shares of the firm's stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the transaction, the chief executive officer owned 367,327 shares in the company, valued at $80,286,662.39. This represents a 13.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 435,076 shares of company stock valued at $101,043,506 over the last quarter. Company insiders own 11.84% of the company's stock.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research reports. Susquehanna raised their price target on Credo Technology Group from $235.00 to $250.00 and gave the company a "positive" rating in a research report on Tuesday, July 21st. Needham & Company LLC increased their price objective on Credo Technology Group from $220.00 to $275.00 and gave the company a "buy" rating in a research report on Monday, June 1st. Rothschild & Co Redburn began coverage on Credo Technology Group in a report on Friday, May 1st. They set a "buy" rating and a $206.00 price objective on the stock. Barclays boosted their target price on Credo Technology Group from $260.00 to $300.00 and gave the stock an "overweight" rating in a research report on Monday, July 20th. Finally, Bank of America upped their target price on Credo Technology Group from $252.00 to $340.00 and gave the stock a "buy" rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Credo Technology Group has a consensus rating of "Moderate Buy" and an average price target of $268.39.

Credo Technology Group Trading Down 3.1%

Shares of NASDAQ:CRDO opened at $232.75 on Friday. The stock's 50-day moving average price is $238.64 and its 200-day moving average price is $186.88. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The stock has a market capitalization of $43.74 billion, a P/E ratio of 93.85, a price-to-earnings-growth ratio of 1.10 and a beta of 3.23.

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