Moody Aldrich Partners LLC Sells 6,720 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Moody Aldrich Partners cut its stake in Credo by 20.8%, selling 6,720 shares in Q4 and now holds 25,563 shares valued at about $3.68 million.
• Institutional activity is heavy—Goldman Sachs boosted its position to 1.52M shares and institutional ownership is ~80.46%—but insiders have sold ~428,999 shares (~$52.9M) in the last 90 days, leaving insiders with 11.84% ownership.
• Analysts view the stock positively with a consensus rating of "Moderate Buy" and a $207.81 price target; Credo recently beat Q results (EPS $1.07 vs. $0.78) with revenue up 201.5% year‑over‑year.

Moody Aldrich Partners LLC lowered its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 20.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 25,563 shares of the company's stock after selling 6,720 shares during the quarter. Moody Aldrich Partners LLC's holdings in Credo Technology Group were worth $3,678,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CRDO. NewEdge Advisors LLC increased its stake in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company's stock valued at $284,000 after buying an additional 3,972 shares during the period. Goldman Sachs Group Inc. boosted its holdings in 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 valued at $61,235,000 after acquiring an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in 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 valued at $12,480,000 after acquiring an additional 7,107 shares in the last quarter. CW Advisors LLC purchased a new position in Credo Technology Group during the 2nd quarter valued at $288,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Credo Technology Group by 198.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company's stock worth $46,000 after purchasing an additional 333 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on CRDO shares. Stifel Nicolaus set a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Rosenblatt Securities increased their price target on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 15th. Jefferies Financial Group began coverage on shares of Credo Technology Group in a report on Monday, April 13th. They issued a "buy" rating and a $175.00 price objective for the company. Barclays reaffirmed an "overweight" rating and set a $260.00 price objective on shares of Credo Technology Group in a research report on Thursday, January 15th. Finally, Susquehanna reduced their target price on Credo Technology Group from $230.00 to $170.00 and set a "positive" rating on the stock in a report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $207.81.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $165.92 on Wednesday. Credo Technology Group Holding Ltd. has a 1 year low of $40.17 and a 1 year high of $213.80. The firm has a market cap of $30.60 billion, a price-to-earnings ratio of 92.18 and a beta of 2.72. The company has a 50-day moving average of $124.16 and a 200 day moving average of $138.99.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business had revenue of $407.01 million for the quarter, compared to analysts' expectations of $385.94 million. During the same quarter in the prior year, the company earned $0.25 earnings per share. The business's revenue was up 201.5% compared to the same quarter last year. On average, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction on Thursday, January 29th. The stock was sold at an average price of $127.37, for a total value of $3,502,675.00. Following the sale, the chief technology officer directly owned 6,299,870 shares of the company's stock, valued at approximately $802,414,441.90. This represents a 0.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 428,999 shares of company stock valued at $52,946,445. 11.84% of the stock is owned by corporate insiders.

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.