Arista Wealth Management LLC Lowers Holdings in Credo Technology Group Holding Ltd. $CRDO

Arista Wealth Management LLC cut its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 86.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 2,503 shares of the company’s stock after selling 15,684 shares during the quarter. Arista Wealth Management LLC’s holdings in Credo Technology Group were worth $360,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Crewe Advisors LLC increased its holdings in shares of Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after buying an additional 106 shares during the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group in the 3rd quarter worth $25,000. Flagship Harbor Advisors LLC bought a new position in shares of Credo Technology Group in the 4th quarter worth $32,000. Smallwood Wealth Investment Management LLC bought a new position in shares of Credo Technology Group in the 4th quarter worth $36,000. Finally, Smartleaf Asset Management LLC increased its holdings in shares of Credo Technology Group by 133.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after buying an additional 147 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at approximately $209,764,835.36. This represents a 2.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 386,608 shares of company stock worth $50,371,351. 11.84% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on CRDO shares. Craig Hallum reissued a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. Roth Mkm decreased their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price target on shares of Credo Technology Group in a report on Wednesday, April 15th. Finally, Stifel Nicolaus set a $250.00 price target on shares of Credo Technology Group in a report on Wednesday. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $210.65.

Credo Technology Group Stock Performance

CRDO stock opened at $221.23 on Thursday. Credo Technology Group Holding Ltd. has a 52 week low of $59.21 and a 52 week high of $233.70. The firm’s fifty day moving average is $153.11 and its 200 day moving average is $143.93. The firm has a market cap of $40.81 billion, a P/E ratio of 122.91 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. During the same quarter last year, the firm earned $0.25 EPS. The firm’s quarterly revenue was up 201.5% compared to the same quarter last year. As a group, analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Credo Technology Group Company 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.