Vanguard Group Inc. Acquires 1,420,664 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Vanguard Group Inc. raised its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 11.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 13,991,480 shares of the company’s stock after acquiring an additional 1,420,664 shares during the period. Vanguard Group Inc. owned approximately 8.57% of Credo Technology Group worth $272,414,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CRDO. Assetmark Inc. lifted its stake in Credo Technology Group by 30.1% in the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after buying an additional 1,263 shares during the period. Quadrature Capital Ltd bought a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $166,000. Glenmede Trust Co. NA acquired a new stake in shares of Credo Technology Group in the 3rd quarter valued at approximately $215,000. Amalgamated Bank boosted its stake in Credo Technology Group by 9.7% during the 4th quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after acquiring an additional 1,454 shares during the last quarter. Finally, Handelsbanken Fonder AB acquired a new position in Credo Technology Group during the fourth quarter valued at approximately $339,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Trading Up 2.1 %

Credo Technology Group stock opened at $31.94 on Monday. Credo Technology Group Holding Ltd has a 1-year low of $13.38 and a 1-year high of $32.78. The company has a fifty day simple moving average of $22.65 and a 200 day simple moving average of $21.38. The company has a market cap of $5.28 billion, a P/E ratio of -177.44 and a beta of 2.20.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.04). Credo Technology Group had a negative net margin of 14.70% and a negative return on equity of 4.51%. The company had revenue of $60.78 million during the quarter, compared to the consensus estimate of $60.50 million. On average, equities research analysts forecast that Credo Technology Group Holding Ltd will post 0.07 EPS for the current year.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $27.49, for a total value of $1,511,950.00. Following the completion of the sale, the chief technology officer now directly owns 9,498,602 shares in the company, valued at approximately $261,116,568.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Friday, June 21st. The stock was sold at an average price of $27.49, for a total value of $1,511,950.00. Following the sale, the chief technology officer now owns 9,498,602 shares in the company, valued at approximately $261,116,568.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Thursday, April 11th. The stock was sold at an average price of $22.12, for a total transaction of $221,200.00. Following the sale, the chief operating officer now directly owns 3,153,738 shares of the company’s stock, valued at approximately $69,760,684.56. The disclosure for this sale can be found here. Insiders have sold 698,193 shares of company stock valued at $15,330,376 in the last 90 days. 23.89% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently commented on CRDO. TD Cowen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating and upped their price objective for the company from $24.00 to $35.00 in a research report on Tuesday, June 25th. Craig Hallum lifted their price objective on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 15th. Barclays increased their target price on Credo Technology Group from $23.00 to $30.00 and gave the stock an “overweight” rating in a research note on Thursday, May 30th. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $26.00 to $29.00 and gave the company a “buy” rating in a research note on Thursday, May 30th. Finally, Bank of America reissued an “underperform” rating and set a $22.00 price objective (up previously from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. One equities research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $28.25.

Credo Technology Group Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.