Credo Technology Group Holding Ltd. $CRDO Shares Sold by Cinctive Capital Management LP

Cinctive Capital Management LP lowered its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 27.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,653 shares of the company’s stock after selling 6,305 shares during the quarter. Cinctive Capital Management LP’s holdings in Credo Technology Group were worth $2,425,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp purchased a new stake in Credo Technology Group during the 3rd quarter valued at approximately $25,000. First Horizon Corp purchased a new position in shares of Credo Technology Group in the 3rd quarter valued at approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Credo Technology Group in the second quarter valued at approximately $27,000. Smartleaf Asset Management LLC increased its holdings in shares of Credo Technology Group by 133.6% in the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after purchasing an additional 147 shares during the period. Finally, Park Place Capital Corp purchased a new stake in shares of Credo Technology Group during the third quarter worth approximately $41,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Activity at Credo Technology Group

In related news, CEO William Joseph Brennan sold 18,016 shares of the business’s stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $2,120,122.88. Following the sale, the chief executive officer owned 234,609 shares of the company’s stock, valued at approximately $27,608,787.12. The trade was a 7.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 463,601 shares of company stock worth $62,835,745 over the last three months. 11.84% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CRDO. Craig Hallum reaffirmed a “buy” rating and set a $200.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. Rosenblatt Securities cut their price objective on shares of Credo Technology Group from $170.00 to $125.00 and set a “neutral” rating for the company in a research report on Tuesday, March 3rd. New Street Research set a $240.00 target price on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Susquehanna lowered their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a report on Tuesday, March 3rd. Finally, Bank of America boosted their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the stock a “buy” rating in a research note on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Buy” and an average target price of $206.33.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $116.88 on Tuesday. The business’s fifty day moving average price is $126.29 and its 200 day moving average price is $143.24. The firm has a market capitalization of $21.56 billion, a PE ratio of 64.93 and a beta of 2.67. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same quarter last year, the company earned $0.25 earnings per share. Credo Technology Group’s quarterly revenue was up 201.5% compared to the same quarter last year. Equities research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal 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.