SlateStone Wealth LLC Sells 14,500 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• SlateStone Wealth LLC has reduced its stake in Credo Technology Group by 72.3%, selling 14,500 shares and leaving them with 5,550 shares valued at $223,000.
• Several institutional investors have increased their shares in Credo, including Alliancebernstein L.P. with a 299.9% increase, and now institutional investors own 80.46% of the company's stock.
• Credo Technology Group reported a 179.6% increase in revenue during the last quarter, with earnings per share of $0.35 exceeding analysts' expectations by $0.08.

SlateStone Wealth LLC cut its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 72.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 5,550 shares of the company's stock after selling 14,500 shares during the quarter. SlateStone Wealth LLC's holdings in Credo Technology Group were worth $223,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CRDO. Geode Capital Management LLC raised its stake in shares of Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock worth $222,884,000 after purchasing an additional 138,686 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after purchasing an additional 1,305,594 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Credo Technology Group by 49.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock worth $110,482,000 after purchasing an additional 543,940 shares in the last quarter. Two Sigma Investments LP raised its stake in Credo Technology Group by 55.3% in the 4th quarter. Two Sigma Investments LP now owns 1,515,268 shares of the company's stock valued at $101,841,000 after acquiring an additional 539,766 shares during the period. Finally, Polar Capital Holdings Plc raised its stake in Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock valued at $97,527,000 after acquiring an additional 1,150,084 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Lip Bu Tan sold 12,248 shares of Credo Technology Group stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total transaction of $1,141,758.56. Following the sale, the director directly owned 467,180 shares of the company's stock, valued at approximately $43,550,519.60. This trade represents a 2.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $97.29, for a total value of $368,729.10. Following the sale, the chief financial officer directly owned 582,428 shares in the company, valued at $56,664,420.12. The trade was a 0.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,021,264 shares of company stock valued at $86,032,061. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Price Performance

NASDAQ:CRDO traded down $3.99 during trading hours on Friday, hitting $107.56. The company's stock had a trading volume of 5,720,481 shares, compared to its average volume of 4,368,522. The stock has a fifty day simple moving average of $87.46 and a 200-day simple moving average of $65.84. The company has a market capitalization of $18.46 billion, a P/E ratio of 398.37, a PEG ratio of 2.00 and a beta of 2.57. Credo Technology Group Holding Ltd. has a twelve month low of $22.50 and a twelve month high of $118.95.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.08. The business 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%. Credo Technology Group's revenue was up 179.6% compared to the same quarter last year. During the same period last year, the firm posted $0.07 earnings per share. On average, equities analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Analysts Set New Price Targets

CRDO has been the topic of a number of research analyst reports. Mizuho increased their price target on Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. TD Cowen increased their price target on shares of Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. Needham & Company LLC increased their price target on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Barclays set a $85.00 price objective on Credo Technology Group and gave the stock an "overweight" rating in a research report on Tuesday, June 3rd. Finally, Cowen reiterated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $87.91.

About Credo Technology Group

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.