Jefferies Financial Group Inc. Sells 2,433 Shares of Credo Technology Group Holding Ltd. $CRDO

Jefferies Financial Group Inc. cut its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 15.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,408 shares of the company’s stock after selling 2,433 shares during the period. Jefferies Financial Group Inc.’s holdings in Credo Technology Group were worth $3,646,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. M&T Bank Corp boosted its position in Credo Technology Group by 428.8% during the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after acquiring an additional 10,888 shares during the last quarter. California State Teachers Retirement System increased its stake in Credo Technology Group by 2.2% in the first quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock valued at $22,612,000 after purchasing an additional 5,113 shares during the last quarter. TimesSquare Capital Management LLC increased its stake in Credo Technology Group by 5.5% in the fourth quarter. TimesSquare Capital Management LLC now owns 264,181 shares of the company’s stock valued at $38,013,000 after purchasing an additional 13,881 shares during the last quarter. Corsair Capital Management L.P. purchased a new position in Credo Technology Group during the first quarter worth about $469,000. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in Credo Technology Group by 154.5% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 32,468 shares of the company’s stock worth $4,672,000 after buying an additional 19,708 shares during the period. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $232.75 on Friday. The stock has a 50-day simple moving average of $238.64 and a 200-day simple moving average of $186.88. The stock has a market capitalization of $43.74 billion, a P/E ratio of 93.85, a PEG ratio of 1.10 and a beta of 3.23. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67.

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

Analyst Ratings Changes

Several analysts have commented on the company. The Goldman Sachs Group restated a “buy” rating and issued a $250.00 price target on shares of Credo Technology Group in a report on Tuesday, June 2nd. Wall Street Zen downgraded shares of Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. JPMorgan Chase & Co. increased their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 2nd. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 price target on the stock. Finally, Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $268.39.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 55,441 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the transaction, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at approximately $538,763,580.38. This trade represents a 2.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the transaction, the chief financial officer directly owned 504,708 shares in the company, valued at $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 435,076 shares of company stock valued at $101,043,506 over the last 90 days. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Company 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.