Vanguard Group Inc. Boosts Stock Position in Credo Technology Group Holding Ltd. $CRDO

Vanguard Group Inc. grew its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 0.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 16,525,380 shares of the company’s stock after purchasing an additional 150,012 shares during the quarter. Vanguard Group Inc. owned approximately 9.55% of Credo Technology Group worth $2,406,261,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its stake in Credo Technology Group by 18.3% in the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after acquiring an additional 1,190,522 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Credo Technology Group by 4.7% in the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after purchasing an additional 163,305 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Credo Technology Group by 66.0% in the 2nd 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 during the period. Goldman Sachs Group Inc. lifted its stake in Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after purchasing an additional 589,151 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Credo Technology Group by 3.9% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,210,311 shares of the company’s stock worth $112,063,000 after buying an additional 45,249 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Insider Activity

In related news, CFO Daniel W. Fleming sold 3,902 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The shares were sold at an average price of $140.15, for a total value of $546,865.30. Following the transaction, the chief financial officer directly owned 446,178 shares in the company, valued at approximately $62,531,846.70. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sylvia Acevedo sold 2,200 shares of the firm’s stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $159.18, for a total transaction of $350,196.00. Following the completion of the sale, the director directly owned 18,545 shares in the company, valued at $2,951,993.10. This represents a 10.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 917,976 shares of company stock worth $136,567,647. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Trading Up 2.1%

Credo Technology Group stock opened at $130.66 on Friday. The firm’s 50 day simple moving average is $136.38 and its 200 day simple moving average is $143.19. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The firm has a market capitalization of $23.60 billion, a PE ratio of 114.62 and a beta of 2.65.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The firm had revenue of $268.03 million during the quarter, compared to analyst estimates of $234.99 million. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business’s revenue for the quarter was up 272.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.07 EPS. Research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CRDO. Roth Mkm cut their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, February 10th. Barclays reiterated an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a research report on Thursday, January 15th. The Goldman Sachs Group set a $165.00 price target on shares of Credo Technology Group and gave the company a “buy” rating in a research note on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective on shares of Credo Technology Group in a research note on Tuesday, February 10th. Finally, Rosenblatt Securities initiated coverage on Credo Technology Group in a research report on Wednesday, January 21st. They set a “neutral” rating and a $170.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $209.29.

Credo Technology Group Company 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.