WCM Investment Management LLC Lowers Position in Credo Technology Group Holding Ltd. $CRDO

WCM Investment Management LLC decreased its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 4.5% in the 1st quarter, HoldingsChannel.com reports. The firm 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.

A number of other large investors also recently bought and sold shares of CRDO. Dimensional Fund Advisors LP increased its holdings in shares of Credo Technology Group by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 703,122 shares of the company’s stock worth $65,949,000 after buying an additional 3,501 shares during the last quarter. AlphaCentric Advisors LLC purchased a new position in shares of Credo Technology Group in the 1st quarter worth $33,000. KBC Group NV boosted its holdings in Credo Technology Group by 30.4% in the first quarter. KBC Group NV now owns 23,051 shares of the company’s stock valued at $2,164,000 after acquiring an additional 5,377 shares during the last quarter. SEB Asset Management AB acquired a new position in Credo Technology Group in the first quarter valued at $15,358,000. Finally, Vision Retirement LLC boosted its holdings in Credo Technology Group by 316.0% in the first quarter. Vision Retirement LLC now owns 2,467 shares of the company’s stock valued at $232,000 after acquiring an additional 1,874 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 4.6%

NASDAQ CRDO opened at $212.07 on Tuesday. The stock has a market cap of $39.55 billion, a PE ratio of 85.51, a P/E/G ratio of 0.93 and a beta of 3.20. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The business has a 50 day moving average price of $232.14 and a two-hundred day moving average price of $167.76.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 earnings per share (EPS) 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 company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter last year, the company earned $0.20 earnings per share. Credo Technology Group’s revenue for the quarter was up 157.0% on a year-over-year basis. Sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 7,580 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total value of $1,863,770.40. Following the transaction, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Fung Cheng sold 3,790 shares of the company’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $258.71, for a total transaction of $980,510.90. Following the completion of the sale, the chief technology officer directly owned 140,358 shares in the company, valued at $36,312,018.18. This represents a 2.63% 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 have sold 329,662 shares of company stock valued at $76,068,196 over the last 90 days. 11.84% of the stock is owned by company insiders.

Analyst Ratings Changes

Several brokerages have commented on CRDO. Susquehanna upped their price target on Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a research note on Tuesday, June 2nd. Stifel Nicolaus lifted their price objective 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. Evercore started coverage on Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Zacks Research upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. Finally, Mizuho raised their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group presently has an average rating of “Buy” and an average price target 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.