Credo Technology Group Holding Ltd (NASDAQ:CRDO) Holdings Lowered by Calamos Advisors LLC

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

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Strs Ohio raised its holdings in shares of Credo Technology Group by 12.7% in the 4th quarter. Strs Ohio now owns 26,700 shares of the company’s stock worth $519,000 after purchasing an additional 3,000 shares in the last quarter. Handelsbanken Fonder AB bought a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $339,000. New York State Common Retirement Fund raised its holdings in shares of Credo Technology Group by 20.9% in the 4th quarter. New York State Common Retirement Fund now owns 77,611 shares of the company’s stock worth $1,511,000 after purchasing an additional 13,408 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Credo Technology Group by 49.2% in the 4th quarter. Russell Investments Group Ltd. now owns 337,265 shares of the company’s stock worth $6,567,000 after purchasing an additional 111,281 shares in the last quarter. Finally, Amalgamated Bank raised its holdings in shares of Credo Technology Group by 9.7% in the 4th quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after purchasing an additional 1,454 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Stock Performance

Shares of CRDO opened at $36.59 on Monday. The company’s 50 day moving average price is $29.76 and its 200 day moving average price is $24.19. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $36.80. The company has a market capitalization of $6.04 billion, a PE ratio of -202.50 and a beta of 2.23.

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

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 49,368 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $25.78, for a total value of $1,272,707.04. Following the completion of the sale, the chief executive officer now directly owns 622,762 shares of the company’s stock, valued at $16,054,804.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Lip Bu Tan sold 245,438 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46. Following the completion of the transaction, the director now owns 2,863,725 shares in the company, valued at approximately $93,557,895.75. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William Joseph Brennan sold 49,368 shares of the company’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $25.78, for a total transaction of $1,272,707.04. Following the completion of the sale, the chief executive officer now directly owns 622,762 shares in the company, valued at approximately $16,054,804.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 906,678 shares of company stock valued at $27,388,494. Corporate insiders own 23.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on CRDO shares. Bank of America reiterated an “underperform” rating and issued a $22.00 target price (up from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. Stifel Nicolaus lifted their target price on shares of Credo Technology Group from $30.00 to $36.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. TD Cowen lifted their target price on shares of Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Needham & Company LLC lifted 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. Finally, Barclays lifted their target price on shares of Credo Technology Group from $23.00 to $30.00 and gave the stock an “overweight” rating in a research report on Thursday, May 30th. One investment analyst has rated the stock with a sell rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $30.38.

About Credo Technology Group

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.