Credo Technology Group Holding Ltd. $CRDO Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. raised its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 0.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,585,229 shares of the company’s stock after purchasing an additional 59,849 shares during the period. Vanguard Group Inc. owned 0.09% of Credo Technology Group worth $2,386,449,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Concurrent Investment Advisors LLC raised its position in shares of Credo Technology Group by 13.9% during the 4th quarter. Concurrent Investment Advisors LLC now owns 17,462 shares of the company’s stock worth $2,513,000 after purchasing an additional 2,127 shares during the last quarter. Dupree Financial Group LLC acquired a new stake in Credo Technology Group during the 4th quarter valued at $1,060,000. Rakuten Securities Inc. grew its holdings in Credo Technology Group by 26.2% during the 4th quarter. Rakuten Securities Inc. now owns 19,448 shares of the company’s stock valued at $2,798,000 after buying an additional 4,032 shares during the last quarter. Teacher Retirement System of Texas increased its position in Credo Technology Group by 486.2% during the fourth quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock worth $34,493,000 after buying an additional 198,826 shares in the last quarter. Finally, KLP Kapitalforvaltning AS raised its holdings in shares of Credo Technology Group by 71.5% in the fourth quarter. KLP Kapitalforvaltning AS now owns 57,800 shares of the company’s stock worth $8,317,000 after acquiring an additional 24,100 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Up 5.9%

Shares of CRDO stock opened at $175.77 on Thursday. Credo Technology Group Holding Ltd. has a fifty-two week low of $40.17 and a fifty-two week high of $213.80. The firm’s 50 day moving average price is $125.11 and its two-hundred day moving average price is $139.25. The stock has a market cap of $32.42 billion, a price-to-earnings ratio of 97.65 and a beta of 2.72.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.29. The business had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business’s revenue for the quarter was up 201.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.25 EPS. On average, equities analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $91.28, for a total transaction of $2,510,200.00. Following the transaction, the chief technology officer owned 6,189,870 shares in the company, valued at $565,011,333.60. The trade was a 0.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the sale, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. The trade was a 2.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 360,983 shares of company stock worth $45,690,382 over the last three months. 11.84% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on CRDO shares. Susquehanna reduced their price objective on Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research report on Tuesday, March 3rd. Barclays reissued an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Zacks Research downgraded shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a report on Monday, April 13th. Roth Mkm cut their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. Finally, Stifel Nicolaus set a $200.00 price objective on shares of Credo Technology Group in a research note on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $207.81.

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.