Silvercrest Asset Management Group LLC Lowers Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Silvercrest Asset Management Group LLC lessened its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 20.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 355,326 shares of the company's stock after selling 90,828 shares during the period. Silvercrest Asset Management Group LLC owned 0.21% of Credo Technology Group worth $23,881,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Proficio Capital Partners LLC purchased a new stake in Credo Technology Group in the 4th quarter worth $700,000. Pacer Advisors Inc. increased its stake in Credo Technology Group by 30.2% in the 4th quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock worth $263,000 after buying an additional 907 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Credo Technology Group by 3.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock worth $79,289,000 after buying an additional 43,169 shares in the last quarter. Vontobel Holding Ltd. increased its stake in Credo Technology Group by 3.4% in the 4th quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock worth $1,316,000 after buying an additional 635 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in Credo Technology Group by 7.0% in the 4th quarter. Bank of New York Mellon Corp now owns 562,382 shares of the company's stock worth $37,798,000 after buying an additional 36,949 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insider Transactions at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $46.01, for a total transaction of $86,268.75. Following the sale, the director now directly owns 5,900,527 shares of the company's stock, valued at $271,483,247.27. The trade was a 0.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the business's stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the sale, the chief operating officer now directly owns 1,000,000 shares in the company, valued at $61,130,000. This trade represents a 9.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 573,665 shares of company stock valued at $25,908,531. Corporate insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $0.15 during trading hours on Tuesday, hitting $62.11. 2,692,131 shares of the company's stock traded hands, compared to its average volume of 3,696,760. The business has a fifty day moving average price of $44.97 and a 200-day moving average price of $56.49. Credo Technology Group Holding Ltd has a 1 year low of $18.54 and a 1 year high of $86.69. The firm has a market capitalization of $10.55 billion, a P/E ratio of -414.07 and a beta of 2.29.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CRDO. Barclays cut their price target on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Stifel Nicolaus cut their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Needham & Company LLC restated a "buy" rating and set a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Bank of America cut their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of "Buy" and a consensus price target of $71.50.

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.