Arista Wealth Management LLC Sells 15,684 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Arista Wealth Management cut its Credo Technology Group stake by 86.2% in the fourth quarter, selling 15,684 shares and leaving it with 2,503 shares worth about $360,000.
• Insider selling has been notable, with CEO William Joseph Brennan and CTO Chi Fung Cheng both selling shares recently; over the last 90 days, insiders sold 386,608 shares valued at roughly $50.4 million.
• Credo Technology Group has seen strong operating performance and bullish analyst sentiment, posting EPS and revenue that beat estimates, while analysts currently rate the stock a consensus “Buy” with an average price target of $210.65.

Arista Wealth Management LLC decreased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 86.2% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,503 shares of the company's stock after selling 15,684 shares during the period. Arista Wealth Management LLC's holdings in Credo Technology Group were worth $360,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in CRDO. Atlantic Union Bankshares Corp bought a new stake in Credo Technology Group in the third quarter worth about $25,000. Crewe Advisors LLC raised its position in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after acquiring an additional 106 shares during the period. Flagship Harbor Advisors LLC bought a new stake in Credo Technology Group in the fourth quarter worth about $32,000. Smallwood Wealth Investment Management LLC bought a new stake in Credo Technology Group in the fourth quarter worth about $36,000. Finally, Smartleaf Asset Management LLC raised its position in Credo Technology Group by 133.6% in the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company's stock worth $38,000 after acquiring an additional 147 shares during the period. Institutional investors own 80.46% of the company's stock.

Insider Activity

In other Credo Technology Group news, CEO William Joseph Brennan sold 6,149 shares of the stock in a transaction that occurred on Sunday, April 5th. The shares were sold at an average price of $101.45, for a total value of $623,816.05. Following the sale, the chief executive officer directly owned 222,311 shares in the company, valued at $22,553,450.95. This represents a 2.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $178.99, for a total transaction of $4,922,225.00. Following the completion of the sale, the chief technology officer owned 6,024,870 shares in the company, valued at $1,078,391,481.30. This represents a 0.45% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 386,608 shares of company stock valued at $50,371,351. 11.84% of the stock is owned by company insiders.

Credo Technology Group Stock Down 0.2%

NASDAQ CRDO opened at $221.23 on Thursday. The company's 50 day moving average is $153.11 and its 200-day moving average is $143.93. Credo Technology Group Holding Ltd. has a 12-month low of $59.21 and a 12-month high of $233.70. 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 - Get Free Report) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (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 in the previous year, the firm posted $0.25 earnings per share. The company's quarterly revenue was up 201.5% compared to the same quarter last year. Equities analysts expect that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Analyst Ratings Changes

Several analysts have commented on CRDO shares. Rothschild & Co Redburn started coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They issued a "buy" rating and a $206.00 price objective on the stock. Craig Hallum reissued a "buy" rating and issued a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Stifel Nicolaus set a $250.00 price target on shares of Credo Technology Group in a research report on Wednesday. Needham & Company LLC reissued a "buy" rating and issued a $220.00 price target on shares of Credo Technology Group in a research report on Wednesday, April 15th. Finally, The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Buy" and a consensus price target of $210.65.

Credo Technology Group 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.

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