Legato Capital Management LLC Has $265,000 Stock Holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Legato Capital Management LLC reduced its holdings in Credo Technology Group by 71.3%, selling 16,403 shares and leaving it with only 6,599 shares valued at approximately $265,000.
• Credo Technology Group reported $0.35 earnings per share for the last quarter, exceeding analysts' expectations of $0.27, with revenue up 179.6% year-over-year.
• Insider trading activity included a sale of 55,000 shares by CTO Chi Fung Cheng for $5.3 million, contributing to a total of over 1 million shares sold by insiders in the last 90 days.

Legato Capital Management LLC lowered its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 71.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,599 shares of the company's stock after selling 16,403 shares during the period. Legato Capital Management LLC's holdings in Credo Technology Group were worth $265,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock valued at $222,884,000 after acquiring an additional 138,686 shares in the last quarter. Norges Bank bought a new stake in Credo Technology Group during the 4th quarter valued at $117,242,000. Alliancebernstein L.P. raised its stake in Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after acquiring an additional 1,305,594 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Credo Technology Group by 49.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock valued at $110,482,000 after acquiring an additional 543,940 shares in the last quarter. Finally, Two Sigma Investments LP raised its stake in shares of Credo Technology Group by 55.3% in the 4th quarter. Two Sigma Investments LP now owns 1,515,268 shares of the company's stock worth $101,841,000 after buying an additional 539,766 shares in the last quarter. Institutional investors own 80.46% of the company's stock.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 12,248 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total value of $1,141,758.56. Following the completion of the sale, the director owned 467,180 shares of the company's stock, valued at $43,550,519.60. The trade was a 2.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $96.54, for a total value of $5,309,700.00. Following the completion of the sale, the chief technology officer directly owned 7,218,961 shares of the company's stock, valued at $696,918,494.94. This represents a 0.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,078,139 shares of company stock worth $85,302,680 over the last ninety days. 16.04% of the stock is currently owned by corporate insiders.

Credo Technology Group Price Performance

CRDO traded up $0.05 during trading on Friday, reaching $101.22. 2,303,405 shares of the stock traded hands, compared to its average volume of 4,562,127. The stock has a market cap of $17.37 billion, a price-to-earnings ratio of 374.89, a price-to-earnings-growth ratio of 1.82 and a beta of 2.57. Credo Technology Group Holding Ltd. has a fifty-two week low of $22.50 and a fifty-two week high of $104.35. The stock's 50-day simple moving average is $82.55 and its two-hundred day simple moving average is $64.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The firm had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same quarter last year, the firm earned $0.07 earnings per share. The business's revenue for the quarter was up 179.6% on a year-over-year basis. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently commented on CRDO. Susquehanna boosted their price objective on Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a research note on Tuesday. Barclays set a $85.00 price objective on Credo Technology Group and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. Mizuho boosted their price objective on Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Noble Financial raised Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Finally, Roth Capital set a $95.00 price objective on Credo Technology Group and gave the stock a "buy" rating in a research note on Friday, June 13th. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $87.91.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.