Northern Trust Corp Decreases Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Northern Trust Corp reduced its holdings in Credo Technology Group by 4.1%, selling 59,105 shares, and now owns 1,368,747 shares valued at approximately $54.97 million.
• Several institutional investors have increased their stakes in Credo, with Operose Advisors LLC raising their stake by 69.2%, indicating strong institutional interest in the company.
• Analysts generally maintain a "Buy" rating for the stock, with price targets ranging from $95 to $115, reflecting positive sentiment towards Credo Technology Group's performance and future potential.

Northern Trust Corp cut its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 4.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,368,747 shares of the company's stock after selling 59,105 shares during the period. Northern Trust Corp owned about 0.81% of Credo Technology Group worth $54,969,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Operose Advisors LLC raised its stake in Credo Technology Group by 69.2% in the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock valued at $25,000 after buying an additional 252 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Credo Technology Group during the first quarter worth about $27,000. Harbour Investments Inc. acquired a new stake in shares of Credo Technology Group during the first quarter worth about $29,000. Optimum Investment Advisors acquired a new stake in shares of Credo Technology Group during the first quarter worth about $52,000. Finally, Larson Financial Group LLC increased its position in shares of Credo Technology Group by 21.5% during 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 in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on CRDO shares. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Mizuho lifted their target price on Credo Technology Group from $112.00 to $135.00 and gave the stock an "outperform" rating in a research report on Thursday, August 14th. Roth Capital set a $95.00 target price on Credo Technology Group and gave the stock a "buy" rating in a research report on Friday, June 13th. Finally, Needham & Company LLC raised their price target on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $91.27.

Credo Technology Group Stock Performance

CRDO traded down $8.76 during trading on Monday, reaching $123.06. The company's stock had a trading volume of 4,960,246 shares, compared to its average volume of 3,802,595. Credo Technology Group Holding Ltd. has a 52-week low of $24.08 and a 52-week high of $134.35. The company's fifty day moving average price is $105.59 and its 200-day moving average price is $71.89. The company has a market capitalization of $21.29 billion, a price-to-earnings ratio of 455.78, a price-to-earnings-growth ratio of 2.21 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The company had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%.The firm's revenue for the quarter was up 179.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.07 EPS. Equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $107.12, for a total transaction of $5,891,600.00. Following the sale, the chief technology officer owned 7,108,961 shares of the company's stock, valued at $761,511,902.32. The trade was a 0.77% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $107.00, for a total value of $200,625.00. Following the sale, the director directly owned 5,898,652 shares in the company, valued at $631,155,764. This trade represents a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,274,583 shares of company stock worth $113,118,257 over the last quarter. Insiders own 11.84% of the company's stock.

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.