Savant Capital LLC Trims Position in Credo Technology Group Holding Ltd. $CRDO

Savant Capital LLC reduced its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 82.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,714 shares of the company’s stock after selling 8,200 shares during the period. Savant Capital LLC’s holdings in Credo Technology Group were worth $247,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Crewe Advisors LLC raised its holdings in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after buying an additional 106 shares during the period. Atlantic Union Bankshares Corp purchased a new stake in Credo Technology Group in the 3rd quarter valued at about $25,000. Flagship Harbor Advisors LLC purchased a new stake in Credo Technology Group in the 4th quarter valued at about $32,000. Smallwood Wealth Investment Management LLC purchased a new stake in Credo Technology Group in the 4th quarter valued at about $36,000. Finally, Smartleaf Asset Management LLC raised its holdings in Credo Technology Group by 133.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after buying an additional 147 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, May 26th. Needham & Company LLC lifted their target price on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Bank of America lifted their target price on Credo Technology Group from $210.00 to $252.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Rosenblatt Securities lifted their target price on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Jefferies Financial Group lifted their target price on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $248.41.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $206.89 on Monday. Credo Technology Group Holding Ltd. has a one year low of $66.75 and a one year high of $245.95. The company has a market cap of $38.16 billion, a PE ratio of 83.42, a P/E/G ratio of 1.34 and a beta of 3.22. The business has a 50-day simple moving average of $169.65 and a 200-day simple moving average of $147.21.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The firm had revenue of $437.00 million during 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 period in the prior year, the company posted $0.20 earnings per share. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $178.99, for a total value of $4,922,225.00. Following the transaction, the chief technology officer directly owned 6,024,870 shares of the company’s stock, valued at approximately $1,078,391,481.30. The trade was a 0.45% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 10,000 shares of the business’s stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the completion of the transaction, the insider directly owned 198,609 shares in the company, valued at $32,653,305.69. This represents a 4.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 386,608 shares of company stock worth $50,371,351 in the last three months. Corporate insiders own 11.84% of the company’s stock.

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.