VectorGlobal IAG Inc. Purchases Shares of 11,241 Credo Technology Group Holding Ltd. $CRDO

VectorGlobal IAG Inc. acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,241 shares of the company’s stock, valued at approximately $1,055,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Corient Private Wealth LLC grew its holdings in shares of Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares during the last quarter. Amundi increased its position in shares of Credo Technology Group by 28,478.2% during the 4th quarter. Amundi now owns 1,559,796 shares of the company’s stock worth $224,439,000 after purchasing an additional 1,554,338 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Credo Technology Group by 841.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company’s stock valued at $228,979,000 after purchasing an additional 1,422,391 shares during the last quarter. Bank of America Corp DE lifted its holdings in Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after purchasing an additional 1,406,752 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $205.54, for a total transaction of $5,652,350.00. Following the sale, the chief technology officer owned 5,799,870 shares in the company, valued at approximately $1,192,105,279.80. This represents a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the completion of the sale, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 302,162 shares of company stock worth $72,810,546 over the last quarter. 11.84% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday. Roth Capital lifted their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Jefferies Financial Group boosted their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Rothschild & Co Redburn started coverage on Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 price target on the stock. Finally, Bank of America increased their price target on Credo Technology Group from $252.00 to $340.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $266.17.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $206.99 on Monday. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67. The business’s 50-day moving average price is $236.60 and its two-hundred day moving average price is $171.95. The firm has a market capitalization of $38.60 billion, a price-to-earnings ratio of 83.46, a PEG ratio of 0.95 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The firm’s quarterly revenue was up 157.0% on a year-over-year basis. During the same period last year, the business posted $0.20 earnings per share. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

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.