Credo Technology Group Holding Ltd. $CRDO Shares Sold by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS lowered its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 33.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,795 shares of the company’s stock after selling 16,245 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Credo Technology Group were worth $4,575,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Crewe Advisors LLC lifted its position in Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group in the third quarter valued at about $25,000. First Horizon Corp acquired a new stake in Credo Technology Group in the third quarter valued at about $26,000. Flagship Harbor Advisors LLC acquired a new stake in Credo Technology Group in the fourth quarter valued at about $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in Credo Technology Group in the fourth quarter valued at about $36,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $184.38 on Friday. The business’s 50 day simple moving average is $125.98 and its 200-day simple moving average is $139.42. The firm has a market capitalization of $34.01 billion, a price-to-earnings ratio of 102.43 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 12 month low of $45.65 and a 12 month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.78 by $0.29. The business had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company’s quarterly revenue was up 201.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.25 EPS. On average, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Insider Activity at Credo Technology Group

In related news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at $209,764,835.36. The trade was a 2.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at $737,630,712. This represents a 0.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 359,108 shares of company stock valued at $45,449,126 over the last 90 days. Insiders own 11.84% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of recent analyst reports. Weiss Ratings downgraded shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. Mizuho reduced their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, March 3rd. The Goldman Sachs Group boosted their price target on Credo Technology Group from $150.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Needham & Company LLC reissued a “buy” rating and set a $220.00 price target on shares of Credo Technology Group in a research note on Wednesday, April 15th. Finally, Barclays reissued an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. Two analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $207.71.

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.