Calamos Advisors LLC Cuts Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Calamos Advisors LLC reduced its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 68.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,193 shares of the company’s stock after selling 114,144 shares during the period. Calamos Advisors LLC’s holdings in Credo Technology Group were worth $1,667,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Fifth Third Bancorp grew its position in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the period. SeaCrest Wealth Management LLC acquired a new position in Credo Technology Group during the second quarter worth about $362,000. Swedbank AB acquired a new position in Credo Technology Group during the second quarter worth about $10,823,000. Baader Bank Aktiengesellschaft acquired a new position in Credo Technology Group during the second quarter worth about $256,000. Finally, Diversified Trust Co grew its position in Credo Technology Group by 8.1% during the second quarter. Diversified Trust Co now owns 26,798 shares of the company’s stock worth $856,000 after buying an additional 2,017 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $36.59 on Monday. Credo Technology Group Holding Ltd has a 1 year low of $13.38 and a 1 year high of $36.80. The firm’s 50 day moving average price is $29.76 and its 200 day moving average price is $24.19. The firm has a market cap of $6.04 billion, a P/E ratio of -202.50 and a beta of 2.23.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, May 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.04). Credo Technology Group had a negative return on equity of 4.51% and a negative net margin of 14.70%. The firm had revenue of $60.78 million for the quarter, compared to analyst estimates of $60.50 million. As a group, equities analysts predict that Credo Technology Group Holding Ltd will post 0.07 EPS for the current year.

Analyst Ratings Changes

CRDO has been the topic of several recent analyst reports. Needham & Company LLC upped their target price on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Bank of America restated an “underperform” rating and set a $22.00 target price (up from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $30.00 to $36.00 and gave the company a “buy” rating in a research report on Thursday, July 18th. TD Cowen increased their price target on shares of Credo Technology Group from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, Barclays increased their price target on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $30.38.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $25.15, for a total transaction of $503,000.00. Following the sale, the chief financial officer now owns 704,174 shares in the company, valued at $17,709,976.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $31.08, for a total transaction of $1,709,400.00. Following the transaction, the chief technology officer now owns 9,168,602 shares of the company’s stock, valued at $284,960,150.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Daniel W. Fleming sold 20,000 shares of the stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $25.15, for a total transaction of $503,000.00. Following the transaction, the chief financial officer now directly owns 704,174 shares in the company, valued at approximately $17,709,976.10. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 906,678 shares of company stock worth $27,388,494. 23.89% of the stock is owned by insiders.

Credo Technology Group Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.