Senvest Reports 7.7% Stake (4.07M Shares) in Criteo (CRTO)

Criteo S.A. is reported to have 4,071,880 ordinary shares beneficially owned by Senvest Management, LLC and Richard Mashaal, representing 7.7% of the company based on 53,141,869 ordinary shares outstanding as reported in the company quarterly report.

Rhea-AI Filing Summary

Criteo S.A. is reported to have 4,071,880 ordinary shares beneficially owned by Senvest Management, LLC and Richard Mashaal, representing 7.7% of the company based on 53,141,869 ordinary shares outstanding as reported in the company quarterly report. The securities are held in accounts of Senvest Master Fund, LP and Senvest Technology Partners Master Fund, LP; Senvest Management acts as investment manager and Mr. Mashaal is the managing member.

The filing identifies the class as ordinary shares (nominal value 20.025) and notes that American Depositary Shares represent ordinary shares and trade on Nasdaq under CRTO. The statement includes a certification that the holdings were not acquired to change or influence control and reports shared voting and dispositive power over the disclosed shares.

Positive

• Material disclosed stake: 4,071,880 ordinary shares representing 7.7% of the class, meeting the threshold for investor notice
• Clear ownership structure: Shares held through Senvest Master Fund, LP and Senvest Technology Partners Master Fund, LP with Senvest Management identified as investment manager

Negative

• None.

Insights

Financial Analyst

TL;DR: A notable 7.7% passive stake by Senvest signals a material position without declared control intent.

Senvest's reported beneficial ownership of 4,071,880 ordinary shares is large enough to be material to investors yet is filed on Schedule 13G/A, indicating the filer characterizes the position as passive. The stake represents a clear concentration of voting and dispositive power reported as shared, and the holdings are held through two investment vehicles managed by Senvest Management, LLC. For market participants, the filing documents meaningful exposure but does not by itself imply activist intent or governance change.

Corporate Governance Expert

TL;DR: The disclosure shows concentrated ownership but includes a certification of no intent to influence control.

The filing properly identifies reporting persons, the investment vehicles holding the shares, and the allocation of voting and dispositive power as shared. The explicit certification that the securities were not acquired to influence control is consistent with a Schedule 13G treatment rather than a 13D, which limits immediate governance implications. Nonetheless, a 7.7% holding is sizeable and should be monitored for any future changes in form or stated intent.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many CRTO ordinary shares does Senvest report owning?

The filing reports 4,071,880 ordinary shares beneficially owned by Senvest Management, LLC and Richard Mashaal.

What percentage of Criteo (CRTO) does this stake represent?

The reported position represents 7.7% of the ordinary shares, calculated from 53,141,869 shares outstanding as cited in the company's quarterly report.

Who are the reporting persons in the Schedule 13G/A for CRTO?

The statement is filed by Senvest Management, LLC and Richard Mashaal with respect to shares held in Senvest investment vehicles.

How are the shares held and who controls them?

The securities are held in accounts of Senvest Master Fund, LP and Senvest Technology Partners Master Fund, LP; Senvest Management is the investment manager and Mr. Mashaal is the managing member.

Does the filing state an intent to influence Criteo's control or governance?

The certification in the filing states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.

Are Criteo ADSs mentioned in the filing and how do they relate?

The filing notes that American Depositary Shares represent ordinary shares and trade on Nasdaq under the symbol CRTO; each ADS represents one ordinary share.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/11/2025 - 04:06 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Criteo S.A.

(Name of Issuer)

Ordinary Shares, nominal value (euro) 0.025 per share

(Title of Class of Securities)

226718104

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 226718104

1

Names of Reporting Persons

Senvest Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,071,880.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,071,880.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,071,880.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. 226718104

1

Names of Reporting Persons

Richard Mashaal

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,071,880.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,071,880.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,071,880.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Criteo S.A.
(b)	Address of issuer's principal executive offices: 32 Rue Blanche, Paris, France 75009
Item 2.
(a)	Name of person filing: This statement is filed by Senvest Management, LLC and Richard Mashaal, with respect to the ordinary shares, nominal value (euro)0.025 per share ("Ordinary Shares") of Criteo S.A., a societe anonyme or S.A, under the laws of the French Republic (the "Company"). The reported securities are held in the account of Senvest Master Fund, LP and Senvest Technology Partners Master Fund, LP (collectively, the "Investment Vehicles"). Senvest Management, LLC may be deemed to beneficially own the securities held by the Investment Vehicles by virtue of Senvest Management, LLC's position as investment manager of the Investment Vehicles. Mr. Mashaal may be deemed to beneficially own the securities held by the Investment Vehicles by virtue of Mr. Mashaal's status as the managing member of Senvest Management, LLC. None of the foregoing should be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of the securities reported herein. There is no CUSIP number assigned to the Ordinary Shares. The CUSIP number 226718104 has been assigned to the ADSs of the Issuer, which are quoted on The NASDAQ Global Select Market under the symbol "CRTO." Each ADS represents 1 Ordinary Share.
(b)	Address or principal business office or, if none, residence: Senvest Management, LLC 540 Madison Avenue, 32nd Floor New York, New York 10022 Richard Mashaal c/o Senvest Management, LLC 540 Madison Avenue, 32nd Floor New York, New York 10022
(c)	Citizenship: Senvest Management, LLC - Delaware Richard Mashaal - Canada
(d)	Title of class of securities: Ordinary Shares, nominal value (euro) 0.025 per share
(e)	CUSIP No.: 226718104
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in this Schedule 13G is calculated based upon an aggregate of 53,141,869 Ordinary Shares outstanding as of April 25, 2025, as reported in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the Securities and Exchange Commission on May 2, 2025.
(b)	Percent of class: 7.7%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(ii) Shared power to vote or to direct the vote: The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iii) Sole power to dispose or to direct the disposition of: The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
	(iv) Shared power to dispose or to direct the disposition of: The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Investment Vehicles have the right to receive and the power to direct the receipt of dividends from, and the proceeds from the sale of, the Ordinary Shares. Senvest Master Fund, LP has the right to receive and the power to direct the receipt of dividends from, and the proceeds from the sale of, more than 5% of the Ordinary Shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Senvest Management, LLC

Signature:	/s/ Bobby Trahanas
Name/Title:	Bobby Trahanas, Chief Compliance Officer
Date:	08/11/2025

Richard Mashaal

Signature:	/s/ Richard Mashaal
Name/Title:	Richard Mashaal, Individually
Date:	08/11/2025