Westfield Capital Management Co. LP Decreases Stake in Credo Technology Group Holding Ltd. $CRDO

Westfield Capital Management Co. LP cut its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 10.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 472,841 shares of the company’s stock after selling 55,537 shares during the quarter. Westfield Capital Management Co. LP owned about 0.27% of Credo Technology Group worth $68,850,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its stake in Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after purchasing an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after purchasing an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock valued at $12,480,000 after buying an additional 7,107 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in Credo Technology Group by 72.1% in the second quarter. Asset Management One Co. Ltd. now owns 2,595 shares of the company’s stock valued at $240,000 after buying an additional 1,087 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Credo Technology Group by 3.1% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,456 shares of the company’s stock worth $783,000 after buying an additional 256 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Trading Up 2.2%

Shares of Credo Technology Group stock opened at $123.46 on Thursday. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $213.80. The firm has a market capitalization of $22.30 billion, a PE ratio of 108.30 and a beta of 2.65. The firm’s 50-day moving average price is $135.02 and its 200 day moving average price is $143.56.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business’s revenue was up 272.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.07 earnings per share. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the sale, the chief executive officer owned 1,892,502 shares of the company’s stock, valued at $289,855,606.32. The trade was a 2.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $174.70, for a total transaction of $9,608,500.00. Following the completion of the sale, the chief technology officer owned 6,613,961 shares of the company’s stock, valued at $1,155,458,986.70. This trade represents a 0.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 917,976 shares of company stock worth $136,567,647. Corporate insiders own 11.84% of the company’s stock.

Analyst Ratings Changes

CRDO has been the subject of several research reports. Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Mizuho boosted their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research report on Tuesday, December 2nd. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. TD Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Finally, Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average price target of $209.29.

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.