Kornitzer Capital Management Inc. KS Reduces Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Kornitzer Capital Management cut its stake in Credo by 33.8%, selling 16,245 shares and holding 31,795 shares valued at about $4.575 million at the end of the quarter.
• Major institutions—including Vanguard, JPMorgan, AllianceBernstein, Bank of America and Wellington—have materially increased positions (Vanguard now owns ~16.6 million shares worth ~$2.386 billion), and institutional investors collectively hold 80.46% of the company.
• Credo reported a strong quarter with $1.07 EPS vs. $0.78 est. and revenue of $407.0M (up 201.5% YoY), but insiders have sold 359,108 shares (~$45.45M) in the last three months, including a CEO sale of 50,000 shares.

Kornitzer Capital Management Inc. KS lowered its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 33.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 31,795 shares of the company's stock after selling 16,245 shares during the period. Kornitzer Capital Management Inc. KS's holdings in Credo Technology Group were worth $4,575,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Credo Technology Group by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company's stock worth $2,386,449,000 after purchasing an additional 59,849 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company's stock worth $1,121,118,000 after purchasing an additional 1,190,522 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. Bank of America Corp DE increased its position in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after purchasing an additional 1,406,752 shares in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Credo Technology Group by 47.8% during the third quarter. Wellington Management Group LLP now owns 1,624,690 shares of the company's stock worth $236,571,000 after purchasing an additional 525,585 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Up 6.0%

NASDAQ CRDO opened at $184.38 on Friday. Credo Technology Group Holding Ltd. has a 52-week low of $45.65 and a 52-week high of $213.80. The business's 50-day moving average price is $125.98 and its 200 day moving average price is $139.42. The firm has a market cap of $34.01 billion, a P/E ratio of 102.43 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm had revenue of $407.01 million for the quarter, compared to analyst estimates of $385.94 million. During the same quarter last year, the company posted $0.25 earnings per share. The business's revenue was up 201.5% on a year-over-year basis. As a group, analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a research report on Friday. They set a "buy" rating and a $206.00 target price on the stock. Craig Hallum reiterated a "buy" rating and set a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Susquehanna cut their target price on Credo Technology Group from $230.00 to $170.00 and set a "positive" rating on the stock in a research report on Tuesday, March 3rd. Weiss Ratings cut Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, April 24th. Finally, Jefferies Financial Group assumed coverage on Credo Technology Group in a research report on Monday, April 13th. They set a "buy" rating and a $175.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $207.71.

Insider Transactions at Credo Technology Group

In related news, CEO William Joseph Brennan sold 50,000 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total value of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. This represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 359,108 shares of company stock worth $45,449,126. Corporate insiders own 11.84% of the company's stock.

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.

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