Penserra Capital Management LLC Sells 104,314 Shares of Credo Technology Group Holding Ltd. $CRDO

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

Other hedge funds and other institutional investors have also modified their holdings of the company. Versant Capital Management Inc boosted its position in Credo Technology Group by 18.0% during the third quarter. Versant Capital Management Inc now owns 663 shares of the company’s stock valued at $97,000 after purchasing an additional 101 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Credo Technology Group by 6.7% in the third quarter. GAMMA Investing LLC now owns 1,891 shares of the company’s stock valued at $275,000 after buying an additional 118 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Credo Technology Group by 3.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,684 shares of the company’s stock worth $341,000 after acquiring an additional 126 shares during the last quarter. Blue Trust Inc. raised its stake in Credo Technology Group by 3.9% in the 2nd quarter. Blue Trust Inc. now owns 4,108 shares of the company’s stock valued at $380,000 after acquiring an additional 154 shares during the period. Finally, Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the 3rd quarter valued at $25,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Down 12.9%

CRDO stock opened at $96.95 on Thursday. The company’s fifty day simple moving average is $147.68 and its 200 day simple moving average is $142.08. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The firm has a market cap of $17.51 billion, a price-to-earnings ratio of 85.04 and a beta of 2.65.

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

Insider Activity

In other news, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the transaction, the chief executive officer owned 1,892,502 shares of the company’s stock, valued at $289,855,606.32. This represents a 2.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.19, for a total value of $56,680,300.00. Following the completion of the sale, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at $61,276,000. The trade was a 48.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 917,976 shares of company stock worth $136,567,647. Company insiders own 11.84% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CRDO. 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. TD Cowen reiterated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Barclays restated an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, Mizuho raised their price objective on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, December 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $216.54.

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.