Truist Financial Corp Cuts Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Truist Financial cut its stake in Credo Technology Group by 46.5% in the fourth quarter, leaving it with 9,873 shares valued at about $1.42 million.
• Several other institutional investors also adjusted their positions, while institutional ownership remains high at 80.46% of the company’s stock.
• Credo’s executives have been selling shares recently, including CEO William Joseph Brennan and CTO Chi Fung Cheng, even as the stock has drawn mostly bullish analyst coverage with a Moderate Buy consensus and a target price of $207.71.

Truist Financial Corp decreased its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 46.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,873 shares of the company's stock after selling 8,579 shares during the quarter. Truist Financial Corp's holdings in Credo Technology Group were worth $1,421,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Crewe Advisors LLC lifted its position in Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after purchasing an additional 106 shares during the period. Atlantic Union Bankshares Corp bought a new position in Credo Technology Group during the third quarter valued at approximately $25,000. First Horizon Corp bought a new position in Credo Technology Group during the third quarter valued at approximately $26,000. Flagship Harbor Advisors LLC bought a new position in Credo Technology Group in the fourth quarter worth approximately $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in Credo Technology Group in the fourth quarter worth approximately $36,000. Institutional investors own 80.46% of the company's stock.

Insider Buying and Selling at Credo Technology Group

In related news, CEO William Joseph Brennan sold 50,000 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares of the company's stock, valued at $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 386,608 shares of company stock valued at $50,371,351 over the last ninety days. 11.84% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CRDO has been the topic of several recent research reports. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They issued a "buy" rating and a $206.00 price target on the stock. Rosenblatt Securities increased their price target on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 15th. Roth Mkm decreased their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a "buy" rating on the stock in a research report on Tuesday, February 10th. Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They issued a "buy" rating and a $175.00 price target on the stock. Finally, Zacks Research downgraded shares of Credo Technology Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $207.71.

Credo Technology Group Trading Down 6.7%

CRDO opened at $172.17 on Friday. The firm's 50 day simple moving average is $139.79 and its two-hundred day simple moving average is $142.52. The company has a market capitalization of $31.76 billion, a PE ratio of 95.65 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 1-year low of $57.21 and a 1-year high of $213.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.29. The firm had revenue of $407.01 million during the quarter, compared to analysts' expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company's revenue for the quarter was up 201.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.25 earnings per share. Equities analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

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.

Want to see what other hedge funds are holding CRDO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.