Thornburg Investment Management Inc. trimmed its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 17.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 108,778 shares of the company's stock after selling 23,776 shares during the quarter. Thornburg Investment Management Inc. owned 0.06% of Credo Technology Group worth $4,369,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group during the 1st quarter valued at $27,000. Optimum Investment Advisors purchased a new stake in Credo Technology Group in the 1st quarter worth about $52,000. Larson Financial Group LLC boosted its position in Credo Technology Group by 21.5% during the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock worth $56,000 after acquiring an additional 245 shares during the period. Quarry LP purchased a new position in Credo Technology Group during the 4th quarter valued at about $58,000. Finally, CIBC Private Wealth Group LLC increased its holdings in shares of Credo Technology Group by 51.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after purchasing an additional 348 shares during the period. Institutional investors own 80.46% of the company's stock.
Credo Technology Group Stock Down 3.6%
CRDO stock traded down $3.99 during midday trading on Friday, hitting $107.56. 5,720,481 shares of the company traded hands, compared to its average volume of 4,368,522. Credo Technology Group Holding Ltd. has a twelve month low of $22.50 and a twelve month high of $118.95. The stock has a market capitalization of $18.46 billion, a price-to-earnings ratio of 398.37, a price-to-earnings-growth ratio of 2.00 and a beta of 2.57. The business has a 50 day simple moving average of $87.46 and a 200-day simple moving average of $65.91.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 11.95% and a return on equity of 8.77%. Credo Technology Group's revenue was up 179.6% compared to the same quarter last year. During the same period last year, the business posted $0.07 EPS. Equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.
Wall Street Analyst Weigh In
A number of brokerages recently commented on CRDO. Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Mizuho raised their price target on Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Roth Capital set a $95.00 price target on Credo Technology Group and gave the company a "buy" rating in a report on Friday, June 13th. Finally, Wall Street Zen downgraded Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. One equities research 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 stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $87.91.
Check Out Our Latest Research Report on Credo Technology Group
Insiders Place Their Bets
In other Credo Technology Group news, Director Lip Bu Tan sold 12,248 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total value of $1,141,758.56. Following the transaction, the director directly owned 467,180 shares of the company's stock, valued at $43,550,519.60. The trade was a 2.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider James Laufman sold 5,000 shares of the stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $85.07, for a total value of $425,350.00. Following the completion of the sale, the insider directly owned 249,346 shares of the company's stock, valued at $21,211,864.22. This represents a 1.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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 company insiders.
Credo Technology Group Profile
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Free Report)
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.
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