Banque Cantonale Vaudoise Takes $670,000 Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Banque Cantonale Vaudoise purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 16,688 shares of the company’s stock, valued at approximately $670,000.

Other large investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group during the 1st quarter worth about $27,000. Optimum Investment Advisors acquired a new stake in Credo Technology Group during the 1st quarter worth about $52,000. Larson Financial Group LLC grew its holdings in Credo Technology Group by 21.5% during the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company’s stock worth $56,000 after acquiring an additional 245 shares during the period. Quarry LP acquired a new stake in Credo Technology Group during the 4th quarter worth about $58,000. Finally, CIBC Private Wealth Group LLC grew its holdings in Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock worth $75,000 after acquiring an additional 348 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 59,641 shares of the business’s stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $74.96, for a total value of $4,470,689.36. Following the transaction, the chief technology officer owned 7,603,961 shares in the company, valued at $569,992,916.56. The trade was a 0.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lip Bu Tan sold 171,473 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $77.90, for a total value of $13,357,746.70. Following the completion of the transaction, the director owned 613,725 shares in the company, valued at $47,809,177.50. The trade was a 21.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,021,264 shares of company stock valued at $86,032,061 in the last quarter. Company insiders own 16.04% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the subject of a number of recent analyst reports. Barclays set a $85.00 price target on Credo Technology Group and gave the stock an “overweight” rating in a report on Tuesday, June 3rd. Noble Financial upgraded Credo Technology Group to a “strong-buy” rating in a research note on Tuesday, June 3rd. Cowen restated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. TD Cowen raised their target price on Credo Technology Group from $85.00 to $95.00 and gave the company a “buy” rating in a research note on Wednesday, June 18th. Finally, Mizuho raised their target price on Credo Technology Group from $81.00 to $98.00 and gave the company an “outperform” rating in a research note on Thursday, July 3rd. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $87.91.

Credo Technology Group Stock Performance

CRDO stock opened at $107.56 on Friday. The company has a market capitalization of $18.46 billion, a P/E ratio of 398.37, a price-to-earnings-growth ratio of 2.00 and a beta of 2.57. Credo Technology Group Holding Ltd. has a 52-week low of $22.50 and a 52-week high of $118.95. The business has a 50-day simple moving average of $87.46 and a two-hundred day simple moving average of $65.91.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company’s quarterly revenue was up 179.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.07 EPS. As a group, sell-side analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.