Panagora Asset Management Inc. Sells 5,238 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Panagora Asset Management trimmed its stake in Credo Technology Group by 1.7% in the fourth quarter, selling 5,238 shares and leaving it with 311,425 shares valued at about $44.8 million.
• Credo reported strong quarterly earnings, posting $1.16 EPS on $437 million in revenue, both above analyst expectations, with revenue up 157% year over year.
• Wall Street remains bullish on CRDO, with several analysts raising price targets into the $250-$290 range and the stock trading near its 1-year high after a recent rally.

Panagora Asset Management Inc. lowered its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 1.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 311,425 shares of the company's stock after selling 5,238 shares during the period. Panagora Asset Management Inc. owned about 0.17% of Credo Technology Group worth $44,811,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company's stock worth $2,386,449,000 after purchasing an additional 59,849 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company's stock worth $1,121,118,000 after purchasing an additional 1,190,522 shares during the last quarter. State Street Corp lifted its stake in Credo Technology Group by 23.4% during the fourth quarter. State Street Corp now owns 4,486,320 shares of the company's stock worth $645,537,000 after purchasing an additional 849,654 shares during the last quarter. Geode Capital Management LLC lifted its stake in Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company's stock worth $555,117,000 after purchasing an additional 184,676 shares during the last quarter. Finally, Alliancebernstein L.P. lifted its stake in Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after purchasing an additional 1,218,504 shares during the last quarter. Institutional investors own 80.46% of the company's stock.

More Credo Technology Group News

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo’s latest results and guidance remain the main catalyst, with the company reporting stronger-than-expected revenue and earnings and projecting continued growth next quarter. Credo Technology Group Holding (CRDO) Is Up 21.2% After Earnings Beat And DustPhotonics Deal - What's Changed
• Positive Sentiment: Analyst coverage this morning was constructive, pointing to Credo’s exposure to the AI connectivity upgrade cycle and growing optical product opportunities, which supports the stock’s momentum. Credo Technology Stock Outlook Hinges on AI and Optical Scale
• Positive Sentiment: Additional reports called Credo a strong momentum stock and questioned whether it still deserves a buy rating after its sharp rally, underscoring investor enthusiasm for the name. Credo Technology Group Holding Ltd. (CRDO) is a Great Momentum Stock: Should You Buy?
• Neutral Sentiment: CFO Daniel W. Fleming sold 40,000 shares under a pre-arranged 10b5-1 plan, but the sale was tied to tax withholding on vested equity awards, which makes it less concerning as a signal about fundamentals. SEC Form 4 filing
• Negative Sentiment: After a large run-up, some coverage noted that valuation is getting rich, so the stock may be vulnerable if earnings growth, margins, or customer ramps disappoint. Is CRDO Stock Still Worth Buying After Its Massive Run Higher?

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. lifted their price target on Credo Technology Group from $230.00 to $250.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 2nd. Zacks Research raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 19th. The Goldman Sachs Group reaffirmed a "buy" rating and set a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Stifel Nicolaus set a $250.00 price target on Credo Technology Group in a research note on Wednesday, May 27th. Finally, Mizuho boosted their target price on Credo Technology Group from $260.00 to $290.00 and gave the company an "outperform" rating in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $248.41.

Credo Technology Group Trading Up 3.4%

NASDAQ CRDO opened at $259.41 on Tuesday. Credo Technology Group Holding Ltd. has a 1-year low of $75.50 and a 1-year high of $270.21. The stock has a 50-day moving average of $187.62 and a 200-day moving average of $151.53. The firm has a market cap of $47.85 billion, a PE ratio of 104.60, a price-to-earnings-growth ratio of 1.32 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The company had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the previous year, the company posted $0.20 EPS. Credo Technology Group's revenue for the quarter was up 157.0% on a year-over-year basis. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Chi Fung Cheng sold 27,500 shares of the business's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $259.53, for a total value of $7,137,075.00. Following the completion of the sale, the chief technology officer owned 5,992,370 shares of the company's stock, valued at approximately $1,555,199,786.10. The trade was a 0.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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, CFO Daniel W. Fleming sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the transaction, the chief financial officer directly owned 501,873 shares of the company's stock, valued at $125,207,276.04. The trade was a 7.38% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold a total of 389,384 shares of company stock worth $66,025,968 in the last 90 days. 11.84% of the stock is currently owned by company insiders.

Credo Technology Group 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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