RiverPark Advisors LLC Trims Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

RiverPark Advisors LLC decreased its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 50.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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 SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Credo Technology Group by 7.7% during the first quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock worth $319,202,000 after purchasing an additional 1,072,301 shares in the last quarter. Driehaus Capital Management LLC grew its position in shares of Credo Technology Group by 3.1% during the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares in the last quarter. Swedbank AB grew its position in shares of Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. D. E. Shaw & Co. Inc. grew its position in shares of Credo Technology Group by 9.1% during the second quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock worth $77,660,000 after purchasing an additional 203,739 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in shares of Credo Technology Group by 13.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock worth $67,473,000 after purchasing an additional 242,428 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CRDO. The Goldman Sachs Group increased their target price on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Roth Mkm increased their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Mizuho increased their price target on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research note on Monday, October 14th. Needham & Company LLC increased their price target on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Finally, Stifel Nicolaus increased their price target on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.56.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 10,000 shares of the firm’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 transaction of $276,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,885,840 shares of the company’s stock, valued at approximately $79,908,909.60. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $32.06, for a total value of $1,763,300.00. Following the sale, the chief technology officer now directly owns 9,113,602 shares of the company’s stock, valued at $292,182,080.12. This represents a 0.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 1,379,817 shares of company stock valued at $45,262,336. Insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Down 5.1 %

NASDAQ:CRDO opened at $39.76 on Friday. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $48.94. The business has a 50 day simple moving average of $35.62 and a 200-day simple moving average of $30.12.

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

Credo Technology Group 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.