Silvercrest Asset Management Group LLC Sells 68,432 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Silvercrest Asset Management Group LLC decreased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 15.7% in the first quarter, Holdings Channel.com reports. The firm owned 368,567 shares of the company’s stock after selling 68,432 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Credo Technology Group were worth $7,810,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CRDO. Vanguard Group Inc. increased its stake in shares of Credo Technology Group by 31.3% during the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after purchasing an additional 2,993,303 shares in the last quarter. Jennison Associates LLC bought a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $45,362,000. Wellington Management Group LLP bought a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $35,224,000. TimesSquare Capital Management LLC bought a new position in shares of Credo Technology Group during the first quarter valued at approximately $22,535,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Credo Technology Group by 290.9% during the first 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 purchasing an additional 881,344 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 5.2 %

NASDAQ:CRDO opened at $25.96 on Wednesday. Credo Technology Group Holding Ltd has a 12 month low of $13.38 and a 12 month high of $33.96. The company has a 50 day simple moving average of $28.14 and a two-hundred day simple moving average of $23.11.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Wednesday, May 29th. The company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Credo Technology Group had a negative return on equity of 4.51% and a negative net margin of 14.70%. The company had revenue of $60.78 million during the quarter, compared to the consensus estimate of $60.50 million. As a group, equities analysts forecast that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $17.15, for a total transaction of $257,250.00. Following the transaction, the chief executive officer now owns 2,962,500 shares in the company, valued at approximately $50,806,875. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Lip Bu Tan sold 6,110 shares of Credo Technology Group stock in a transaction on Wednesday, July 10th. The shares were sold at an average price of $31.33, for a total transaction of $191,426.30. Following the transaction, the director now owns 3,125,061 shares in the company, valued at approximately $97,908,161.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total transaction of $257,250.00. Following the transaction, the chief executive officer now owns 2,962,500 shares in the company, valued at approximately $50,806,875. The disclosure for this sale can be found here. Insiders have sold 881,678 shares of company stock worth $25,145,294 in the last 90 days. 23.89% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CRDO has been the subject of several analyst reports. Barclays raised their price target on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. Bank of America reissued an “underperform” rating and set a $22.00 price target (up previously from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. TD Cowen raised their price target on shares of Credo Technology Group from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Craig Hallum raised their price target on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, Needham & Company LLC raised their price target on shares of Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research report on Thursday, May 30th. One research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and an average price target of $30.38.

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.