Kornitzer Capital Management Inc. KS Takes Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Kornitzer Capital Management Inc. KS purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 48,040 shares of the company's stock, valued at approximately $1,929,000.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $117,242,000. Alliancebernstein L.P. lifted its position in shares of Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after purchasing an additional 1,305,594 shares during the period. Polar Capital Holdings Plc lifted its position in shares of Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after purchasing an additional 1,150,084 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Credo Technology Group by 441.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock worth $65,594,000 after purchasing an additional 795,751 shares during the period. Finally, Bank of America Corp DE lifted its position in shares of Credo Technology Group by 281.7% in the 4th quarter. Bank of America Corp DE now owns 391,446 shares of the company's stock worth $26,309,000 after purchasing an additional 606,850 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

Insider Activity

In related news, Director Lip Bu Tan sold 12,248 shares of the firm's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $93.22, for a total transaction of $1,141,758.56. Following the sale, the director owned 467,180 shares in the company, valued at approximately $43,550,519.60. This trade represents a 2.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $97.29, for a total transaction of $368,729.10. Following the sale, the chief financial officer owned 582,428 shares in the company, valued at approximately $56,664,420.12. This represents a 0.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,078,139 shares of company stock worth $82,013,680 in the last ninety days. Corporate insiders own 16.04% of the company's stock.

Analyst Upgrades and Downgrades

CRDO has been the subject of several research reports. Stifel Nicolaus upped their price target on shares of Credo Technology Group from $80.00 to $115.00 and gave the stock a "buy" rating in a research report on Friday. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research note on Tuesday, June 3rd. Mizuho boosted their price objective on shares of Credo Technology Group from $81.00 to $98.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Susquehanna reiterated a "positive" rating and set a $90.00 price objective (up previously from $60.00) on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Finally, Barclays set a $85.00 price target on shares of Credo Technology Group and gave the company an "overweight" rating in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $85.64.

Credo Technology Group Trading Down 5.1%

Shares of NASDAQ CRDO traded down $4.98 during midday trading on Friday, reaching $93.47. The company had a trading volume of 7,191,863 shares, compared to its average volume of 4,221,199. The business's 50-day simple moving average is $77.79 and its 200 day simple moving average is $63.51. Credo Technology Group Holding Ltd. has a 1 year low of $22.50 and a 1 year high of $104.35. The stock has a market cap of $16.04 billion, a P/E ratio of 346.19, a P/E/G ratio of 1.82 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The firm's revenue was up 179.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.07 earnings per share. Analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

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.