Victory Capital Management Inc. Sells 136,807 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Victory Capital Management Inc. reduced its stake in Credo Technology Group by 42.6%, selling 136,807 shares during the first quarter, bringing its ownership down to 184,144 shares valued at approximately $7.4 million.
• Several institutional investors made significant changes to their positions in Credo Technology Group, with Norges Bank investing $117.2 million for a new stake in the company.
• Credo Technology Group recently reported earnings that exceeded expectations, with a 179.6% year-over-year increase in revenue, totaling $170 million for the quarter.

Victory Capital Management Inc. cut its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 42.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 184,144 shares of the company's stock after selling 136,807 shares during the period. Victory Capital Management Inc. owned 0.11% of Credo Technology Group worth $7,395,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its position in 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 valued at $222,884,000 after purchasing an additional 138,686 shares during the period. Norges Bank acquired a new position in Credo Technology Group during the 4th quarter valued at about $117,242,000. Alliancebernstein L.P. lifted its position in Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after purchasing an additional 1,305,594 shares during the period. Ameriprise Financial Inc. lifted its position in Credo Technology Group by 49.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock valued at $110,482,000 after purchasing an additional 543,940 shares during the period. Finally, Two Sigma Investments LP lifted its position in Credo Technology Group by 55.3% during the 4th quarter. Two Sigma Investments LP now owns 1,515,268 shares of the company's stock valued at $101,841,000 after purchasing an additional 539,766 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on CRDO. Cowen restated a "buy" rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Wall Street Zen downgraded shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. 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 research report on Wednesday, June 18th. Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the company a "buy" rating in a research report on Friday, June 13th. Finally, Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $87.91.

Insider Activity at Credo Technology Group

In other news, Director Lip Bu Tan sold 171,473 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the completion of the transaction, the director directly owned 613,725 shares of the company's stock, valued at $47,809,177.50. This trade represents a 21.84% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 59,641 shares of the firm's stock in a transaction that occurred 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,078,139 shares of company stock valued at $85,302,680 over the last ninety days. Company insiders own 16.04% of the company's stock.

Credo Technology Group Stock Performance

CRDO stock traded up $0.05 during mid-day trading on Friday, hitting $101.22. 2,303,405 shares of the company were exchanged, compared to its average volume of 4,562,127. The firm has a market cap of $17.37 billion, a P/E ratio of 374.89, a P/E/G ratio of 1.82 and a beta of 2.57. The firm's 50 day simple moving average is $82.55 and its 200 day simple moving average is $64.57. Credo Technology Group Holding Ltd. has a 1-year low of $22.50 and a 1-year high of $104.35.

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

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.