Savant Capital LLC Sells 8,200 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Savant Capital LLC sharply reduced its position in Credo Technology Group by 82.7% in the fourth quarter, selling 8,200 shares and leaving it with 1,714 shares worth about $247,000.
• Credo insiders have also been selling shares, including CEO William Joseph Brennan and CTO Chi Fung Cheng; insiders sold 386,608 shares worth about $50.4 million over the last 90 days.
• The company posted strong quarterly results, beating EPS and revenue estimates, while analysts remain largely bullish with an average Moderate Buy rating and an average price target of $248.41.

Savant Capital LLC cut its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 82.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,714 shares of the company's stock after selling 8,200 shares during the period. Savant Capital LLC's holdings in Credo Technology Group were worth $247,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CRDO. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group in the third quarter worth about $25,000. Crewe Advisors LLC lifted its stake 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 purchased a new stake in Credo Technology Group in the fourth quarter worth about $32,000. Smallwood Wealth Investment Management LLC purchased a new stake in Credo Technology Group in the fourth quarter worth about $36,000. Finally, Smartleaf Asset Management LLC lifted its stake 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. 80.46% of the stock is currently owned by institutional investors.

Insider Activity

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

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $206.89 on Monday. The firm has a market capitalization of $38.16 billion, a P/E ratio of 83.42, a PEG ratio of 1.34 and a beta of 3.22. The company has a 50 day moving average price of $169.65 and a 200 day moving average price of $147.21. Credo Technology Group Holding Ltd. has a 52 week low of $66.75 and a 52 week high of $245.95.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 36.99%. The company had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the company earned $0.20 EPS. Credo Technology Group's quarterly revenue was up 157.0% on a year-over-year basis. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of research reports. Susquehanna upped their price objective on shares of Credo Technology Group from $200.00 to $235.00 and gave the stock a "positive" rating in a research note on Tuesday, June 2nd. Rosenblatt Securities upped their price objective on shares of Credo Technology Group from $175.00 to $215.00 and gave the stock a "neutral" rating in a research note on Tuesday, June 2nd. Bank of America upped their price objective on shares of Credo Technology Group from $210.00 to $252.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Jefferies Financial Group upped their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Finally, Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They issued a "buy" rating and a $206.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $248.41.

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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