Hantz Financial Services Inc. Has $3.65 Million Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Hantz Financial Services cut its stake in Credo Technology Group by 18.1% in the fourth quarter, selling 5,590 shares and ending with 25,329 shares valued at about $3.65 million.
• Credo saw notable insider selling, including CEO William Joseph Brennan and CTO Chi Fung Cheng, with insiders selling 386,608 shares worth about $50.4 million over the last three months.
• The company reported strong quarterly results, beating EPS and revenue estimates, while analysts remain generally bullish with a Buy consensus and an average target price of $207.71.

Hantz Financial Services Inc. reduced its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 18.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 25,329 shares of the company's stock after selling 5,590 shares during the quarter. Hantz Financial Services Inc.'s holdings in Credo Technology Group were worth $3,645,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. Prospera Financial Services Inc boosted its holdings in shares of Credo Technology Group by 87.6% during the fourth quarter. Prospera Financial Services Inc now owns 3,681 shares of the company's stock worth $530,000 after purchasing an additional 1,719 shares during the period. Coldstream Capital Management Inc. boosted its holdings in shares of Credo Technology Group by 33.7% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,783 shares of the company's stock worth $400,000 after purchasing an additional 702 shares during the period. Global Retirement Partners LLC boosted its holdings in shares of Credo Technology Group by 5,358.7% during the fourth quarter. Global Retirement Partners LLC now owns 4,094 shares of the company's stock worth $589,000 after purchasing an additional 4,019 shares during the period. Sierra Summit Advisors LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth approximately $448,000. Finally, IFP Advisors Inc boosted its holdings in shares of Credo Technology Group by 15.9% during the fourth quarter. IFP Advisors Inc now owns 6,684 shares of the company's stock worth $962,000 after purchasing an additional 919 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred 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 completion of the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. This represents a 0.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 386,608 shares of company stock worth $50,371,351. Insiders own 11.84% of the company's stock.

Wall Street Analyst Weigh In

CRDO has been the topic of several recent research reports. Rosenblatt Securities raised their price objective on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. Mizuho cut their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 3rd. Zacks Research raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 19th. Craig Hallum reaffirmed a "buy" rating and set a $200.00 price objective on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Finally, The Goldman Sachs Group raised their price objective 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 assigned a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $207.71.

Credo Technology Group Stock Performance

Shares of CRDO opened at $221.64 on Wednesday. The firm has a market cap of $40.88 billion, a PE ratio of 123.13 and a beta of 3.17. The firm's 50 day moving average price is $151.03 and its 200 day moving average price is $143.51. Credo Technology Group Holding Ltd. has a twelve month low of $59.21 and a twelve month high of $233.70.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating analysts' consensus estimates 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 posted $0.25 earnings per share. The company's quarterly revenue was up 201.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal 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.

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