Credo Technology Group Holding Ltd. $CRDO Shares Sold by WCM Investment Management LLC

WCM Investment Management LLC lowered its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 4.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 63,705 shares of the company’s stock after selling 3,024 shares during the quarter. WCM Investment Management LLC’s holdings in Credo Technology Group were worth $5,594,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in CRDO. Northwestern Mutual Wealth Management Co. boosted its position in shares of Credo Technology Group by 16.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock worth $80,000 after buying an additional 77 shares in the last quarter. QRG Capital Management Inc. increased its holdings in Credo Technology Group by 1.7% during the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after acquiring an additional 91 shares in the last quarter. Mark Sheptoff Financial Planning LLC raised its position in Credo Technology Group by 2.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock worth $741,000 after acquiring an additional 100 shares during the last quarter. Spirepoint Private Client LLC raised its position in Credo Technology Group by 6.6% during the fourth quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock worth $243,000 after acquiring an additional 105 shares during the last quarter. Finally, Crewe Advisors LLC raised 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 worth $25,000 after acquiring an additional 106 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insiders Place Their Bets

In related news, Director Sylvia Acevedo sold 2,208 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $211.00, for a total value of $465,888.00. Following the completion of the transaction, the director directly owned 16,337 shares in the company, valued at approximately $3,447,107. This represents a 11.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 3,790 shares of the stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $258.71, for a total value of $980,510.90. Following the transaction, the chief technology officer owned 140,358 shares in the company, valued at $36,312,018.18. This trade represents a 2.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 329,662 shares of company stock worth $76,068,196 over the last ninety days. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Performance

Shares of CRDO opened at $212.07 on Tuesday. The company has a market capitalization of $39.55 billion, a price-to-earnings ratio of 85.51, a PEG ratio of 0.93 and a beta of 3.20. The company’s 50 day simple moving average is $232.14 and its 200 day simple moving average is $167.76. 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 released its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the company earned $0.20 EPS. Equities analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CRDO has been the topic of several research reports. Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. The Goldman Sachs Group restated a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a research report on Tuesday, June 2nd. Roth Capital upped their target price on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Stifel Nicolaus upped their target price on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. Finally, Barclays increased their target price on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $265.33.

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.