Silvercrest Asset Management Group LLC Has $7.81 Million Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Silvercrest Asset Management Group LLC decreased its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 15.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 368,567 shares of the company’s stock after selling 68,432 shares during the quarter. Silvercrest Asset Management Group LLC owned 0.23% of Credo Technology Group worth $7,810,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Advisors Asset Management Inc. boosted its position in shares of Credo Technology Group by 47.6% in the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock valued at $81,000 after purchasing an additional 1,229 shares during the period. Assetmark Inc. lifted its stake in Credo Technology Group by 30.1% in the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock worth $106,000 after acquiring an additional 1,263 shares in the last quarter. Ulland Investment Advisors LLC purchased a new stake in Credo Technology Group in the 1st quarter worth about $29,000. Amalgamated Bank lifted its stake in Credo Technology Group by 9.7% in the 4th quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after acquiring an additional 1,454 shares in the last quarter. Finally, Covestor Ltd lifted its stake in Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after acquiring an additional 1,924 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $25.96 on Wednesday. The business’s 50-day simple moving average is $28.14 and its 200-day simple moving average is $23.11. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $33.96.

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. TD Cowen increased their price objective on Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. Craig Hallum increased their price objective on Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Barclays raised their price target on Credo Technology Group from $23.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Bank of America reaffirmed an “underperform” rating and set a $22.00 price target (up from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Finally, Needham & Company LLC raised their price target on Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the stock. According to MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $30.38.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $29.30, for a total value of $1,611,500.00. Following the sale, the chief technology officer now owns 9,333,602 shares of the company’s stock, valued at approximately $273,474,538.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, July 19th. The stock was sold at an average price of $29.30, for a total transaction of $1,611,500.00. Following the sale, the chief technology officer now owns 9,333,602 shares of the company’s stock, valued at approximately $273,474,538.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lip Bu Tan sold 245,438 shares of Credo Technology Group stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $32.67, for a total value of $8,018,459.46. Following the sale, the director now directly owns 2,863,725 shares in the company, valued at approximately $93,557,895.75. The disclosure for this sale can be found here. Insiders have sold 881,678 shares of company stock valued at $25,145,294 in the last 90 days. 23.89% of the stock is currently owned by insiders.

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.