Credo Technology Group Holding Ltd. $CRDO Shares Bought by Vestor Capital LLC

Vestor Capital LLC boosted its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 304.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,788 shares of the company’s stock after buying an additional 5,108 shares during the quarter. Vestor Capital LLC’s holdings in Credo Technology Group were worth $1,322,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in CRDO. Atreides Management LP purchased a new stake in shares of Credo Technology Group during the first quarter valued at $102,434,000. The Manufacturers Life Insurance Company lifted its holdings in Credo Technology Group by 192.1% in the first quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock valued at $98,290,000 after acquiring an additional 688,596 shares during the period. H&H International Investment LLC boosted its holdings in Credo Technology Group by 431.6% during the first quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock worth $70,515,000 after buying an additional 609,900 shares in the last quarter. Oaktree Capital Management LP purchased a new stake in Credo Technology Group during the first quarter worth $50,596,000. Finally, Pictet Asset Management Holding SA grew its position 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 valued at $144,170,000 after buying an additional 510,905 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $132.89 on Tuesday. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The firm has a market capitalization of $24.98 billion, a P/E ratio of 46.12, a price-to-earnings-growth ratio of 0.54 and a beta of 3.29. The stock’s fifty day moving average is $176.68 and its two-hundred day moving average is $180.25.

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

Analysts Set New Price Targets

CRDO has been the topic of a number of analyst reports. Barclays raised their target price on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a research report on Monday, July 20th. Evercore set a $292.00 target price on Credo Technology Group in a research note on Wednesday, September 2nd. JPMorgan Chase & Co. decreased their target price on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, October 6th. Finally, Mizuho cut their price target on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating for the company in a report on Monday, September 21st. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $262.67.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Cheng sold 27,500 shares of the stock in a transaction that occurred on Tuesday, September 29th. The shares were sold at an average price of $193.93, for a total value of $5,333,075.00. Following the completion of the sale, the chief technology officer owned 5,662,397 shares of the company’s stock, valued at $1,098,108,650.21. This represents a 0.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Brennan sold 16,672 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $151.88, for a total transaction of $2,532,143.36. Following the sale, the chief executive officer owned 1,600,830 shares of the company’s stock, valued at $243,134,060.40. This represents a 1.03% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 352,538 shares of company stock worth $67,200,077 in the last ninety days. 9.06% of the stock is owned by insiders.

Credo Technology Group Company Profile

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.