Panagora Asset Management Inc. Sells 5,238 Shares of Credo Technology Group Holding Ltd. $CRDO

Panagora Asset Management Inc. decreased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 1.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 311,425 shares of the company’s stock after selling 5,238 shares during the period. Panagora Asset Management Inc.’s holdings in Credo Technology Group were worth $44,811,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Credo Technology Group by 9.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock worth $39,004,000 after acquiring an additional 23,332 shares during the period. FengHe Fund Management Pte. Ltd. grew its holdings in shares of Credo Technology Group by 5.7% during the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock worth $23,349,000 after acquiring an additional 8,769 shares during the period. M&T Bank Corp grew its holdings in shares of Credo Technology Group by 428.8% during the 4th 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 period. TD Asset Management Inc purchased a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $17,454,000. Finally, Second Line Capital LLC purchased a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $4,283,000. Institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CRDO shares. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Stifel Nicolaus set a $250.00 target price on Credo Technology Group in a report on Wednesday, May 27th. Needham & Company LLC upped their target price on Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Finally, JPMorgan Chase & Co. upped their target price on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $248.41.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $218.57, for a total value of $12,017,852.88. Following the completion of the sale, the chief executive officer owned 367,327 shares in the company, valued at $80,286,662.39. The trade was a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 389,384 shares of company stock worth $66,025,968 over the last three months. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Up 3.4%

Credo Technology Group stock opened at $259.41 on Tuesday. The company has a market capitalization of $47.85 billion, a P/E ratio of 104.60, a PEG ratio of 1.32 and a beta of 3.22. The stock’s 50 day moving average is $187.62 and its 200 day moving average is $151.53. Credo Technology Group Holding Ltd. has a twelve month low of $75.50 and a twelve month high of $270.21.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The firm’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.20 EPS. As a group, equities analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Key Headlines Impacting Credo Technology Group

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Credo’s latest results and guidance remain the main catalyst, with the company reporting stronger-than-expected revenue and earnings and projecting continued growth next quarter. Credo Technology Group Holding (CRDO) Is Up 21.2% After Earnings Beat And DustPhotonics Deal – What’s Changed
• Positive Sentiment: Analyst coverage this morning was constructive, pointing to Credo’s exposure to the AI connectivity upgrade cycle and growing optical product opportunities, which supports the stock’s momentum. Credo Technology Stock Outlook Hinges on AI and Optical Scale
• Positive Sentiment: Additional reports called Credo a strong momentum stock and questioned whether it still deserves a buy rating after its sharp rally, underscoring investor enthusiasm for the name. Credo Technology Group Holding Ltd. (CRDO) is a Great Momentum Stock: Should You Buy?
• Neutral Sentiment: CFO Daniel W. Fleming sold 40,000 shares under a pre-arranged 10b5-1 plan, but the sale was tied to tax withholding on vested equity awards, which makes it less concerning as a signal about fundamentals. SEC Form 4 filing
• Negative Sentiment: After a large run-up, some coverage noted that valuation is getting rich, so the stock may be vulnerable if earnings growth, margins, or customer ramps disappoint. Is CRDO Stock Still Worth Buying After Its Massive Run Higher?

About Credo Technology Group

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.