Credo Technology Group Holding Ltd. $CRDO Position Lowered by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS cut its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 13.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,730 shares of the company’s stock after selling 8,677 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Credo Technology Group were worth $11,050,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Pictet Asset Management Holding SA lifted its stake in Credo Technology Group by 222.5% during the third quarter. Pictet Asset Management Holding SA now owns 740,487 shares of the company’s stock worth $144,170,000 after purchasing an additional 510,905 shares during the last quarter. Formidable Asset Management LLC increased its stake in shares of Credo Technology Group by 68.5% in the 3rd quarter. Formidable Asset Management LLC now owns 3,775 shares of the company’s stock valued at $735,000 after purchasing an additional 1,535 shares during the last quarter. OPTIMAS CAPITAL Ltd bought a new position in shares of Credo Technology Group in the 3rd quarter valued at $1,928,000. Heritage Family Offices LLP bought a new position in shares of Credo Technology Group in the 3rd quarter valued at $87,000. Finally, Ariose Capital Management Ltd acquired a new position in shares of Credo Technology Group during the 3rd quarter worth $1,130,000. Institutional investors own 80.46% of the company’s stock.

More Credo Technology Group News

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: A Seeking Alpha contributor upgraded Credo, arguing that the recent sell-off has gone far enough—potentially signaling that the lower share price has improved the risk-reward profile. Credo: The Sell-Off Has Done Its Job (Rating Upgrade)
• Positive Sentiment: Credo and Oracle secured Open Compute Project approval for two optical telemetry standards, supporting Credo’s role in developing connectivity and reliability for next-generation AI data centers. Credo and Oracle Drive AI Optical Innovation
• Neutral Sentiment: Coverage notes that Credo and other AI-hardware companies have delivered strong results, but cautions that supply bottlenecks and customer concentration could limit further gains. The AI Boom Is Creating a New Set of Winners
• Negative Sentiment: A broader tech-sector decline drove a steep drop in CRDO, as investors reassessed AI-related stocks. Separate coverage tied the sell-off to fears that political changes could pose a downside risk to AI spending; that concern, however, has not appeared in Credo’s guidance or analyst estimates. Tech selloff sends Credo Technology down Credo Sinks as Political Fears Weigh on AI Stocks

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Rosenblatt Securities restated a “neutral” rating and set a $235.00 price objective on shares of Credo Technology Group in a research report on Thursday, October 15th. Weiss Ratings lowered Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, October 6th. Zacks Research cut Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. JPMorgan Chase & Co. lowered their target price on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research note on Wednesday, September 2nd. Finally, Barclays increased their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $262.67.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction dated Thursday, October 8th. The stock was sold at an average price of $212.91, for a total value of $1,613,857.80. Following the completion of the transaction, the chief financial officer directly owned 492,208 shares in the company, valued at approximately $104,796,005.28. This trade represents a 1.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 5,000 shares of Credo Technology Group stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $205.00, for a total value of $1,025,000.00. Following the sale, the insider directly owned 164,223 shares in the company, valued at $33,665,715. The trade was a 2.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 352,538 shares of company stock worth $67,200,077 over the last three months. 9.06% of the stock is owned by corporate insiders.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $120.51 on Friday. The firm’s fifty day moving average price is $178.67 and its two-hundred day moving average price is $180.29. The stock has a market cap of $22.65 billion, a PE ratio of 42.89, a PEG ratio of 0.48 and a beta of 3.29. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The company had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $473.30 million. During the same period in the prior year, the company earned $0.52 EPS. Credo Technology Group’s revenue was up 114.7% compared to the same quarter last year. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

About Credo Technology Group

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments.

The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.

Credo is headquartered in San Jose, California, and serves customers in the global data infrastructure market.