Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by RiverPark Advisors LLC

RiverPark Advisors LLC trimmed its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 50.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,724 shares of the company’s stock after selling 2,753 shares during the quarter. RiverPark Advisors LLC’s holdings in Credo Technology Group were worth $84,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Swiss National Bank lifted its position in shares of Credo Technology Group by 14.7% in the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after buying an additional 32,600 shares during the last quarter. Sei Investments Co. grew its holdings in Credo Technology Group by 18.8% during the 1st quarter. Sei Investments Co. now owns 111,034 shares of the company’s stock worth $2,353,000 after acquiring an additional 17,540 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in Credo Technology Group by 5.7% during the 1st quarter. Russell Investments Group Ltd. now owns 356,370 shares of the company’s stock worth $7,551,000 after acquiring an additional 19,105 shares during the last quarter. ProShare Advisors LLC grew its holdings in Credo Technology Group by 17.6% during the 1st quarter. ProShare Advisors LLC now owns 22,343 shares of the company’s stock worth $473,000 after acquiring an additional 3,346 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Credo Technology Group during the 1st quarter worth about $4,149,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $27.69, for a total value of $276,900.00. Following the completion of the sale, the chief operating officer now owns 2,885,840 shares in the company, valued at $79,908,909.60. The trade was a 0.35 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the completion of the transaction, the chief executive officer now directly owns 2,529,738 shares in the company, valued at $65,140,753.50. This trade represents a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,379,817 shares of company stock valued at $45,262,336. 16.04% of the stock is owned by insiders.

Credo Technology Group Stock Down 5.1 %

Shares of NASDAQ:CRDO opened at $39.76 on Friday. Credo Technology Group Holding Ltd has a twelve month low of $16.82 and a twelve month high of $48.94. The stock’s 50 day moving average is $35.62 and its 200-day moving average is $30.12.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The company had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Equities analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Mizuho upped their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Craig Hallum increased their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. TD Cowen upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Barclays increased their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Finally, Needham & Company LLC raised their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $36.56.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.