Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC cut its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 25.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,657 shares of the company’s stock after selling 5,686 shares during the period. ProShare Advisors LLC’s holdings in Credo Technology Group were worth $532,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Wellington Management Group LLP purchased a new stake in Credo Technology Group in the fourth quarter valued at $35,224,000. Vanguard Group Inc. increased its position in shares of Credo Technology Group by 11.3% during the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after purchasing an additional 1,420,664 shares during the last quarter. TimesSquare Capital Management LLC purchased a new stake in Credo Technology Group in the 1st quarter valued at about $22,535,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in Credo Technology Group by 290.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock valued at $25,096,000 after buying an additional 881,344 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new position in Credo Technology Group in the first quarter valued at about $17,847,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

CRDO opened at $30.80 on Tuesday. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of -171.11 and a beta of 2.26. The business has a fifty day moving average price of $29.48 and a 200 day moving average price of $25.60. Credo Technology Group Holding Ltd has a 12 month low of $13.38 and a 12 month high of $36.80.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The firm had revenue of $59.71 million for the quarter, compared to analyst estimates of $59.50 million. On average, research analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of Credo Technology Group stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the completion of the sale, the director now directly owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the transaction, the chief executive officer now owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Lip Bu Tan sold 245,438 shares of Credo Technology Group stock in a transaction on Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the sale, the director now owns 2,863,725 shares in the company, valued at $93,557,895.75. The disclosure for this sale can be found here. Insiders have sold 1,036,190 shares of company stock valued at $31,153,347 over the last quarter. 23.89% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, September 3rd. Craig Hallum lifted their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. The Goldman Sachs Group raised their price target on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Needham & Company LLC boosted their price objective on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Finally, TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $34.00.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.