Lisanti Capital Growth LLC Sells 61,484 Shares of Credo Technology Group Holding Ltd. $CRDO

Lisanti Capital Growth LLC lessened its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 60.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,371 shares of the company’s stock after selling 61,484 shares during the period. Credo Technology Group makes up about 1.4% of Lisanti Capital Growth LLC’s investment portfolio, making the stock its 22nd largest holding. Lisanti Capital Growth LLC’s holdings in Credo Technology Group were worth $5,878,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Credo Technology Group by 2.7% in the 2nd quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock worth $1,516,195,000 after purchasing an additional 430,445 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Credo Technology Group by 36.5% in the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after buying an additional 1,739,844 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Credo Technology Group by 4.7% during the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after buying an additional 163,305 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after acquiring an additional 589,151 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on CRDO shares. Rosenblatt Securities assumed coverage on Credo Technology Group in a report on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 price objective for the company. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Susquehanna increased their price objective on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a research report on Wednesday, October 22nd. Roth Mkm lifted their target price on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Finally, Needham & Company LLC boosted their target price on shares of Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and an average price target of $216.54.

Insiders Place Their Bets

In other news, COO Yat Tung Lam sold 370,000 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the sale, the chief operating officer directly owned 400,000 shares in the company, valued at approximately $61,276,000. This represents a 48.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.16, for a total value of $7,658,000.00. Following the completion of the transaction, the chief executive officer owned 1,892,502 shares of the company’s stock, valued at approximately $289,855,606.32. This represents a 2.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 822,460 shares of company stock valued at $124,493,784 in the last three months. Corporate insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Performance

CRDO opened at $125.28 on Friday. The stock has a market capitalization of $22.63 billion, a price-to-earnings ratio of 109.90 and a beta of 2.66. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80. The company has a fifty day moving average of $150.50 and a 200 day moving average of $141.56.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.18. The firm had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business’s revenue was up 272.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.07 earnings per share. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Credo Technology Group 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.