Shannon River Fund Management LLC Reduces Stock Position in Credo Technology Group Holding Ltd. $CRDO

Shannon River Fund Management LLC trimmed its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 54.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,567 shares of the company’s stock after selling 103,753 shares during the period. Credo Technology Group comprises about 2.0% of Shannon River Fund Management LLC’s investment portfolio, making the stock its 13th largest position. Shannon River Fund Management LLC’s holdings in Credo Technology Group were worth $12,605,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of CRDO. Atlantic Union Bankshares Corp purchased a new position in shares of Credo Technology Group during the third quarter valued at approximately $25,000. First Horizon Corp acquired a new position in Credo Technology Group in the 3rd quarter valued at $26,000. Smartleaf Asset Management LLC lifted its stake in shares of Credo Technology Group by 133.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after purchasing an additional 147 shares during the period. Park Place Capital Corp purchased a new stake in shares of Credo Technology Group in the third quarter valued at $41,000. Finally, Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Credo Technology Group in the second quarter valued at $27,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $115.91 on Thursday. The company has a market capitalization of $21.38 billion, a price-to-earnings ratio of 64.39 and a beta of 2.67. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80. The company’s fifty day moving average price is $127.91 and its two-hundred day moving average price is $143.24.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. During the same quarter last year, the company posted $0.25 earnings per share. The company’s quarterly revenue was up 201.5% compared to the same quarter last year. As a group, analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,902 shares of the stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $140.15, for a total transaction of $546,865.30. Following the sale, the chief financial officer directly owned 446,178 shares of the company’s stock, valued at approximately $62,531,846.70. This represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $127.37, for a total transaction of $3,502,675.00. Following the completion of the transaction, the chief technology officer owned 6,299,870 shares in the company, valued at approximately $802,414,441.90. The trade was a 0.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 423,085 shares of company stock worth $59,514,322. 11.84% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

CRDO has been the subject of several recent analyst reports. Susquehanna lowered their price target on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a report on Tuesday, March 3rd. New Street Research set a $240.00 target price on shares of Credo Technology Group in a report on Tuesday, December 2nd. Stifel Nicolaus set a $200.00 price target on Credo Technology Group in a report on Tuesday, March 3rd. Needham & Company LLC restated a “buy” rating and set a $220.00 target price on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Finally, Mizuho dropped their target price on Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group has an average rating of “Buy” and an average price target of $206.33.

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.