Penserra Capital Management LLC Lowers Stock Position in Credo Technology Group Holding Ltd. $CRDO

Penserra Capital Management LLC decreased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 57.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 76,573 shares of the company’s stock after selling 104,314 shares during the period. Penserra Capital Management LLC’s holdings in Credo Technology Group were worth $11,149,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Allianz Asset Management GmbH raised its stake in shares of Credo Technology Group by 2,059.9% in the third quarter. Allianz Asset Management GmbH now owns 57,389 shares of the company’s stock valued at $8,356,000 after buying an additional 54,732 shares during the period. Atlantic Union Bankshares Corp bought a new position in shares of Credo Technology Group in the third quarter valued at approximately $25,000. Jones Financial Companies Lllp boosted its holdings in Credo Technology Group by 127.0% in the 3rd quarter. Jones Financial Companies Lllp now owns 2,536 shares of the company’s stock valued at $363,000 after purchasing an additional 1,419 shares during the period. State of Wyoming increased its holdings in shares of Credo Technology Group by 71.7% in the third quarter. State of Wyoming now owns 2,682 shares of the company’s stock worth $391,000 after purchasing an additional 1,120 shares during the period. Finally, Chung Wu Investment Group LLC purchased a new position in Credo Technology Group during the third quarter worth about $596,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 30th. The stock was sold at an average price of $128.67, for a total transaction of $241,256.25. Following the transaction, the director directly owned 5,892,034 shares of the company’s stock, valued at $758,128,014.78. This represents a 0.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sylvia Acevedo sold 2,200 shares of the business’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total transaction of $350,196.00. Following the sale, the director owned 18,545 shares of the company’s stock, valued at $2,951,993.10. This trade represents a 10.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 917,976 shares of company stock valued at $136,567,647. 11.84% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. KGI Securities raised Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a report on Tuesday, December 2nd. Mizuho raised their price target on Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research report on Tuesday, December 2nd. Roth Mkm boosted their target price on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Finally, Needham & Company LLC lifted their price objective on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $216.54.

Credo Technology Group Price Performance

Shares of CRDO opened at $96.95 on Thursday. Credo Technology Group Holding Ltd. has a one year low of $29.09 and a one year high of $213.80. The firm has a market capitalization of $17.51 billion, a PE ratio of 85.04 and a beta of 2.65. The company has a 50-day simple moving average of $147.68 and a two-hundred day simple moving average of $142.08.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly 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. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The company had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. During the same period last year, the business earned $0.07 EPS. Credo Technology Group’s quarterly revenue was up 272.1% compared to the same quarter last year. Analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Credo Technology Group Company 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.