Universal Beteiligungs und Servicegesellschaft mbH Sells 95,772 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Universal Beteiligungs und Servicegesellschaft mbH has significantly reduced its stake in Credo Technology Group by 82.5%, selling 95,772 shares and holding $814,000 worth of stock after the sale.
• Multiple large investors have altered their positions in Credo Technology Group, with notable acquisitions and increases in stake by firms such as Mirae Asset Global Investments and CIBC Private Wealth Group.
• Recent earnings reported a substantial year-over-year revenue increase of 179.6% for Credo Technology Group, with earnings per share surpassing expectations, indicating strong financial growth in the latest quarter.

Universal Beteiligungs und Servicegesellschaft mbH lowered its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 82.5% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,274 shares of the company's stock after selling 95,772 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH's holdings in Credo Technology Group were worth $814,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Y Intercept Hong Kong Ltd acquired a new position in shares of Credo Technology Group during the 1st quarter worth $3,617,000. Blue Bell Private Wealth Management LLC acquired a new position in shares of Credo Technology Group during the 1st quarter worth $130,000. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Credo Technology Group during the 1st quarter worth $958,000. IFP Advisors Inc grew its position in Credo Technology Group by 71.6% during the 1st quarter. IFP Advisors Inc now owns 7,087 shares of the company's stock worth $285,000 after acquiring an additional 2,958 shares during the last quarter. Finally, Kestra Private Wealth Services LLC bought a new stake in Credo Technology Group during the 1st quarter worth $316,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Trading Up 6.8%

Credo Technology Group stock traded up $7.45 during trading hours on Wednesday, hitting $117.74. 3,466,694 shares of the stock traded hands, compared to its average volume of 5,300,339. The firm's 50-day moving average price is $89.45 and its two-hundred day moving average price is $66.32. The company has a market cap of $20.21 billion, a PE ratio of 435.66, a PEG ratio of 2.06 and a beta of 2.59. Credo Technology Group Holding Ltd. has a one year low of $24.08 and a one year high of $118.95.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The firm had revenue of $170.00 million for the quarter, compared to analysts' expectations of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The business's revenue for the quarter was up 179.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.07 EPS. On average, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CRDO shares. Mizuho boosted their price objective on Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a research report on Thursday, July 3rd. Susquehanna upped their price target on Credo Technology Group from $90.00 to $115.00 and gave the company a "positive" rating in a research report on Tuesday, July 22nd. TD Cowen upped their target price on Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. Wall Street Zen lowered Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Finally, Barclays set a $85.00 target price on Credo Technology Group and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. One 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. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $87.91.

Insider Activity

In other news, CTO Chi Fung Cheng sold 59,641 shares of the stock in a transaction on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the transaction, the chief technology officer directly owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. This represents a 0.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William Joseph Brennan sold 150,000 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 $16,030,500.00. Following the completion of the sale, the chief executive officer owned 2,061,978 shares of the company's stock, valued at $220,363,588.86. This trade represents a 6.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,274,583 shares of company stock valued at $113,118,257 in the last ninety days. 16.04% of the stock is currently owned by company insiders.

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.