Next Century Growth Investors LLC Sells 28,629 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Next Century Growth Investors LLC sold 28,629 shares of Credo Technology Group, reducing its ownership by 25.1%, and now holds 85,437 shares valued at approximately $3.43 million.
• Several institutional investors have recently increased their stakes in Credo Technology Group, with the Teacher Retirement System of Texas reporting a 464.4% increase in ownership during the first quarter.
• Credo Technology Group's stock has received multiple positive ratings from analysts, with price targets ranging up to $135.00, indicating a strong public interest and growth potential in the company's stock.

Next Century Growth Investors LLC decreased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 25.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 85,437 shares of the company's stock after selling 28,629 shares during the quarter. Next Century Growth Investors LLC owned approximately 0.05% of Credo Technology Group worth $3,431,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRDO. Janney Montgomery Scott LLC increased its position in shares of Credo Technology Group by 27.9% in the first quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock valued at $270,000 after acquiring an additional 1,467 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Credo Technology Group in the first quarter valued at approximately $27,000. Teacher Retirement System of Texas increased its position in shares of Credo Technology Group by 464.4% during the 1st quarter. Teacher Retirement System of Texas now owns 34,987 shares of the company's stock worth $1,405,000 after purchasing an additional 28,788 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of Credo Technology Group by 15.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 21,730 shares of the company's stock valued at $873,000 after buying an additional 2,947 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC bought a new stake in Credo Technology Group during the first quarter worth $301,000. 80.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director Lip Bu Tan sold 171,473 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the transaction, the director directly owned 613,725 shares of the company's stock, valued at approximately $47,809,177.50. This trade represents a 21.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $74.96, for a total value of $4,470,689.36. Following the completion of the transaction, the chief technology officer directly 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 three months, insiders have sold 1,274,583 shares of company stock valued at $113,118,257. 16.04% of the stock is owned by company insiders.

Credo Technology Group Trading Up 2.2%

Shares of NASDAQ CRDO opened at $122.73 on Thursday. The firm has a market cap of $21.23 billion, a P/E ratio of 454.56, a price-to-earnings-growth ratio of 2.16 and a beta of 2.59. The business's 50 day moving average is $103.92 and its 200-day moving average is $71.16. Credo Technology Group Holding Ltd. has a 1-year low of $24.08 and a 1-year high of $128.56.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly 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. 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 the consensus estimate of $159.59 million. During the same period in the previous year, the company posted $0.07 EPS. The firm's quarterly revenue was up 179.6% on a year-over-year basis. Credo Technology Group has set its Q1 2026 guidance at EPS. Analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CRDO shares. TD Cowen boosted their price objective on shares of Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Mizuho lifted their price target on Credo Technology Group from $112.00 to $135.00 and gave the stock an "outperform" rating in a report on Thursday, August 14th. Susquehanna boosted their price target on Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a research report on Tuesday, July 22nd. Cowen reaffirmed a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Finally, Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. One analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $91.27.

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.