Panagora Asset Management Inc. Reduces Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Panagora Asset Management Inc. reduced its stake in Credo Technology Group by 4.4%, owning 618,711 shares worth approximately $24.8 million after selling 28,230 shares.
• Credo's CFO and CEO both sold significant amounts of stock recently, with CFO Daniel W. Fleming selling 3,790 shares and CEO William Joseph Brennan selling 46,444 shares, indicating a 10.56% decrease in their personal holdings.
• The stock of Credo Technology Group has seen substantial performance changes, with a one-year high of $134.35 and a recent earnings report revealing a 179.6% year-over-year increase in revenue.

Panagora Asset Management Inc. cut its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 4.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 618,711 shares of the company's stock after selling 28,230 shares during the quarter. Panagora Asset Management Inc. owned 0.36% of Credo Technology Group worth $24,847,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in CRDO. Janney Montgomery Scott LLC increased its stake in Credo Technology Group by 27.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock worth $270,000 after buying an additional 1,467 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Credo Technology Group during the first quarter worth approximately $27,000. Teacher Retirement System of Texas increased its position in shares of Credo Technology Group by 464.4% during the first 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 in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in 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 purchasing an additional 2,947 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Credo Technology Group in the 1st quarter valued at $301,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Up 7.6%

Shares of CRDO traded up $9.45 during trading on Thursday, reaching $134.22. 12,325,417 shares of the company traded hands, compared to its average volume of 5,227,047. The stock has a 50-day simple moving average of $107.66 and a 200-day simple moving average of $72.98. Credo Technology Group Holding Ltd. has a twelve month low of $24.08 and a twelve month high of $141.09. The stock has a market cap of $23.22 billion, a PE ratio of 496.77, a price-to-earnings-growth ratio of 2.21 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The firm had revenue of $223.07 million during the quarter, compared to analysts' expectations of $190.63 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. Credo Technology Group's quarterly revenue was up 273.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.04 EPS. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $97.29, for a total value of $368,729.10. Following the completion of the transaction, the chief financial officer owned 582,428 shares of the company's stock, valued at $56,664,420.12. This trade represents a 0.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William Joseph Brennan sold 46,444 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $106.87, for a total value of $4,963,470.28. Following the sale, the chief executive officer directly owned 393,338 shares in the company, valued at $42,036,032.06. This represents a 10.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,136,152 shares of company stock valued at $102,714,411 in the last quarter. Corporate insiders own 11.84% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Needham & Company LLC increased their target price on shares of Credo Technology Group from $85.00 to $150.00 and gave the company a "buy" rating in a research report on Thursday. TD Cowen raised their target price on shares of Credo Technology Group from $140.00 to $160.00 and gave the stock a "buy" rating in a research note on Thursday. Susquehanna boosted their target price on Credo Technology Group from $115.00 to $165.00 and gave the stock a "positive" rating in a report on Thursday. Roth Capital increased their price target on Credo Technology Group from $95.00 to $160.00 and gave the company a "buy" rating in a report on Thursday. Finally, Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. One analyst has rated the stock with a Strong Buy rating and twelve have issued a Buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $126.27.

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.