Valeo Financial Advisors LLC Takes Position in Credo Technology Group Holding Ltd. $CRDO

Valeo Financial Advisors LLC purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,948 shares of the company’s stock, valued at approximately $802,000.

A number of other large investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Credo Technology Group by 9.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock worth $39,004,000 after buying an additional 23,332 shares in the last quarter. FengHe Fund Management Pte. Ltd. boosted its stake in Credo Technology Group by 5.7% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after buying an additional 8,769 shares during the period. M&T Bank Corp grew its position in Credo Technology Group by 428.8% during the fourth quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock worth $1,932,000 after buying an additional 10,888 shares in the last quarter. California State Teachers Retirement System grew its position in Credo Technology Group by 2.2% during the first quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after buying an additional 5,113 shares in the last quarter. Finally, Teacher Retirement System of Texas increased its stake in Credo Technology Group by 486.2% in the 4th quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock worth $34,493,000 after acquiring an additional 198,826 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Price Performance

Shares of CRDO opened at $239.93 on Tuesday. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The stock has a 50 day simple moving average of $237.71 and a two-hundred day simple moving average of $175.32. The firm has a market cap of $44.74 billion, a P/E ratio of 96.75, a P/E/G ratio of 1.14 and a beta of 3.23.

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Jefferies Financial Group raised their price target on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group reissued a “buy” rating and set a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Mizuho upped their price objective on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 2nd. Weiss Ratings raised shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Finally, Needham & Company LLC lifted their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $266.17.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total value of $6,684,150.00. Following the completion of the sale, the chief technology officer directly owned 5,882,370 shares of the company’s stock, valued at $1,429,768,852.20. The trade was a 0.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer owned 367,327 shares of the company’s stock, valued at approximately $80,286,662.39. The trade was a 13.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 435,076 shares of company stock worth $101,043,506 in the last quarter. 11.84% of the stock is currently owned by company insiders.

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.