Credo Technology Group Holding Ltd. $CRDO Shares Sold by Braun Stacey Associates Inc.

Braun Stacey Associates Inc. trimmed its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 2.1% in the 2nd quarter, HoldingsChannel reports. The firm owned 237,320 shares of the company’s stock after selling 5,102 shares during the quarter. Credo Technology Group makes up about 1.8% of Braun Stacey Associates Inc.’s portfolio, making the stock its 11th largest position. Braun Stacey Associates Inc.’s holdings in Credo Technology Group were worth $64,539,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Reflection Asset Management purchased a new stake in Credo Technology Group in the fourth quarter valued at approximately $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group in the 4th quarter worth approximately $25,000. Orion Capital Management LLC purchased a new position in Credo Technology Group during the 2nd quarter worth approximately $27,000. AlphaCentric Advisors LLC purchased a new position in Credo Technology Group during the 1st quarter worth approximately $33,000. Finally, Van ECK Associates Corp acquired a new stake in Credo Technology Group during the 4th quarter valued at approximately $37,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on CRDO shares. Rosenblatt Securities reaffirmed a “neutral” rating and issued a $215.00 price objective on shares of Credo Technology Group in a report on Monday, August 24th. Barclays raised their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. Roth Capital boosted their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Susquehanna upped their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Finally, Jefferies Financial Group increased their price target on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $268.39.

Insider Activity

In other news, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer directly owned 367,327 shares in the company, valued at $80,286,662.39. This trade represents a 13.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 55,441 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total value of $11,810,041.82. Following the completion of the transaction, the chief operating officer directly owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. The trade was a 2.15% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 435,076 shares of company stock worth $101,043,506 over the last three months. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Down 3.1%

Credo Technology Group stock opened at $232.75 on Friday. The firm has a market cap of $43.74 billion, a PE ratio of 93.85, a P/E/G ratio of 1.10 and a beta of 3.23. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The stock’s 50 day simple moving average is $238.64 and its two-hundred day simple moving average is $186.88.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm had revenue of $437.00 million during the quarter, compared to analyst estimates of $431.80 million. During the same period in the previous year, the firm earned $0.20 EPS. The business’s quarterly revenue was up 157.0% on a year-over-year basis. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current 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.