Vontobel Holding Ltd. Buys New Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Vontobel Holding Ltd. bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 18,949 shares of the company’s stock, valued at approximately $584,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Arcadia Investment Management Corp MI bought a new stake in shares of Credo Technology Group in the 2nd quarter valued at $29,000. Fifth Third Bancorp grew its holdings in Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after purchasing an additional 400 shares during the period. Covestor Ltd raised its holdings in shares of Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares during the period. CWM LLC boosted its position in shares of Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares in the last quarter. Finally, Cranbrook Wealth Management LLC acquired a new stake in shares of Credo Technology Group in the 2nd quarter valued at about $51,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Credo Technology Group

In other news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the sale, the chief executive officer now directly owns 2,529,738 shares in the company, valued at $65,140,753.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the sale, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 15,281 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $39.05, for a total value of $596,723.05. Following the transaction, the director now directly owns 1,748,444 shares of the company’s stock, valued at approximately $68,276,738.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,389,817 shares of company stock worth $43,755,386 in the last quarter. 23.89% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CRDO. Needham & Company LLC upped their price target on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Mizuho upped their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Finally, Bank of America raised their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and a consensus target price of $35.44.

Credo Technology Group Price Performance

CRDO opened at $39.93 on Tuesday. Credo Technology Group Holding Ltd has a fifty-two week low of $13.38 and a fifty-two week high of $40.37. The company’s 50-day moving average is $31.92 and its 200 day moving average is $27.16. The firm has a market capitalization of $6.60 billion, a P/E ratio of -221.83 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million during the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. On average, equities research analysts expect that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Credo Technology Group Profile

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.