Lisanti Capital Growth LLC Reduces Stock Position in Credo Technology Group Holding Ltd. $CRDO

Lisanti Capital Growth LLC trimmed its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 60.4% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 40,371 shares of the company’s stock after selling 61,484 shares during the quarter. Credo Technology Group accounts for about 1.4% of Lisanti Capital Growth LLC’s holdings, making the stock its 22nd largest position. Lisanti Capital Growth LLC’s holdings in Credo Technology Group were worth $5,878,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in CRDO. First Horizon Corp bought a new stake in Credo Technology Group during the 3rd quarter worth approximately $26,000. Park Place Capital Corp purchased a new stake in shares of Credo Technology Group in the third quarter worth $41,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in Credo Technology Group during the second quarter valued at $27,000. Midwest Capital Advisors LLC purchased a new position in Credo Technology Group during the third quarter worth about $45,000. Finally, Cullen Frost Bankers Inc. increased its stake in Credo Technology Group by 278.4% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock worth $44,000 after acquiring an additional 348 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was 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 in the company, valued at approximately $289,855,606.32. This represents a 2.57% decrease in their position. The transaction 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 company’s stock in a transaction on Monday, December 29th. The stock was sold at an average price of $143.41, for a total value of $7,887,550.00. Following the completion of the sale, the chief technology officer directly owned 6,448,961 shares in the company, valued at approximately $924,845,497.01. The trade was a 0.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 822,460 shares of company stock valued at $124,493,784. 11.84% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CRDO shares. Needham & Company LLC lifted their price target on Credo Technology Group from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Susquehanna lifted their target price 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. Barclays reissued an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a report on Thursday, January 15th. JPMorgan Chase & Co. began coverage on shares of Credo Technology Group in a report on Friday, October 17th. They set an “overweight” rating and a $165.00 price objective for the company. Finally, Bank of America raised their price target on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $216.54.

Credo Technology Group Stock Down 3.2%

NASDAQ:CRDO opened at $125.28 on Friday. The firm has a market capitalization of $22.63 billion, a P/E ratio of 109.90 and a beta of 2.66. The company has a fifty day moving average of $150.50 and a 200 day moving average of $141.56. Credo Technology Group Holding Ltd. has a 52 week low of $29.09 and a 52 week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last released 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 firm had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The company’s revenue for the quarter was up 272.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.07 earnings per share. As a group, analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current 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.