SG Americas Securities LLC cut its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO – Free Report) by 83.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 9,901 shares of the company’s stock after selling 49,849 shares during the quarter. SG Americas Securities LLC’s holdings in Credo Technology Group were worth $305,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in the stock. Arcadia Investment Management Corp MI purchased a new stake in shares of Credo Technology Group in the second quarter worth about $29,000. Fifth Third Bancorp increased its stake in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. Covestor Ltd raised its holdings in Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after purchasing an additional 1,924 shares during the period. CWM LLC raised its stake in shares of Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC purchased a new position in shares of Credo Technology Group during the 2nd quarter valued at approximately $51,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $38.41, for a total transaction of $2,112,550.00. Following the transaction, the chief technology officer now directly owns 8,893,602 shares in the company, valued at approximately $341,603,252.82. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing 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 firm’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $38.41, for a total transaction of $2,112,550.00. Following the completion of the sale, the chief technology officer now owns 8,893,602 shares in the company, valued at $341,603,252.82. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the completion of the sale, the chief executive officer now directly owns 2,529,738 shares in the company, valued at $65,140,753.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,389,817 shares of company stock valued at $43,755,386. Company insiders own 23.89% of the company’s stock.
Credo Technology Group Price Performance
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The company had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. On average, analysts forecast that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.
Wall Street Analyst Weigh In
CRDO has been the topic of several research analyst reports. Roth Mkm lifted their price objective on Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Stifel Nicolaus boosted their target price on Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Craig Hallum upped their target price on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Barclays upped their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Finally, Needham & Company LLC raised their target price on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Credo Technology Group currently has an average rating of “Moderate Buy” and a consensus price target of $35.44.
Read Our Latest Report on CRDO
Credo Technology Group Profile
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.
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