Banque Cantonale Vaudoise Boosts Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Banque Cantonale Vaudoise increased its stake in Credo Technology Group by 27.8% in the first quarter, adding 5,680 shares to bring its total holdings to 26,136 shares worth about $2.45 million.
• Wall Street sentiment remains broadly bullish: multiple analysts raised price targets, with Evercore initiating coverage at Outperform and a $325 target, while the stock’s average analyst rating is Buy with a mean price target of $263.11.
• Credo’s recent business results were strong, as the company reported $1.16 EPS and $437 million in revenue, with revenue jumping 157% year over year; however, the period also included notable insider selling, including a $7.45 million sale by the CTO.

Banque Cantonale Vaudoise grew its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 27.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,136 shares of the company's stock after purchasing an additional 5,680 shares during the period. Banque Cantonale Vaudoise's holdings in Credo Technology Group were worth $2,452,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Wealth Management Partners LLC boosted its position in Credo Technology Group by 4.7% during the 1st quarter. Wealth Management Partners LLC now owns 3,097 shares of the company's stock valued at $291,000 after acquiring an additional 138 shares in the last quarter. Robbins Farley raised its position in shares of Credo Technology Group by 105.9% in the 1st quarter. Robbins Farley now owns 12,677 shares of the company's stock worth $1,190,000 after acquiring an additional 6,521 shares in the last quarter. Brookstone Capital Management bought a new position in shares of Credo Technology Group in the 1st quarter worth approximately $340,000. Balboa Wealth Partners purchased a new position in shares of Credo Technology Group in the 1st quarter valued at approximately $239,000. Finally, Diversified Trust Co lifted its stake in shares of Credo Technology Group by 29.5% in the 1st quarter. Diversified Trust Co now owns 23,497 shares of the company's stock valued at $2,206,000 after purchasing an additional 5,346 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Roth Mkm upped their price target on Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Evercore began coverage on Credo Technology Group in a research report on Monday. They set an "outperform" rating and a $325.00 price objective for the company. Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a report on Friday, May 1st. They set a "buy" rating and a $206.00 target price on the stock. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a "buy" rating in a research report on Monday. Finally, JPMorgan Chase & Co. increased their price target on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an "overweight" rating in a research note on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Credo Technology Group has an average rating of "Buy" and an average price target of $263.11.

Credo Technology Group News Roundup

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Evercore ISI initiated coverage on Credo Technology Group with an Outperform rating and a $325 price target, arguing the company is well positioned to benefit from expanding optical AI connectivity demand in data centers.
• Positive Sentiment: Zacks added CRDO to its Rank #1 (Strong Buy) growth stocks list, reinforcing the view that the company’s earnings and revenue momentum remain strong.
• Positive Sentiment: Recent investor commentary highlighted Credo’s strong fundamentals, including its 1.6T connectivity ramp and rapid AI data-center growth, following quarterly revenue growth of 157% year over year.
• Neutral Sentiment: 24/7 Wall St. published a price prediction piece on Credo, saying the stock has already rallied sharply this year and may now be trading near fair value.
• Negative Sentiment: Chief Technology Officer Chi Fung Cheng sold 27,500 shares worth about $7.45 million under a pre-arranged trading plan, which can weigh on sentiment even though it was not an open-market discretionary sale.
• Negative Sentiment: Seeking Alpha published a bearish downgrade on CRDO, adding a note of caution after the stock’s strong run.

Insider Activity at Credo Technology Group

In other news, Director Fariba Danesh sold 1,100 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $236.34, for a total value of $259,974.00. Following the transaction, the director owned 7,017 shares in the company, valued at approximately $1,658,397.78. This represents a 13.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $270.94, for a total transaction of $7,450,850.00. Following the sale, the chief technology officer owned 5,937,370 shares in the company, valued at approximately $1,608,671,027.80. The trade was a 0.46% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 416,884 shares of company stock worth $77,492,368 in the last ninety days. 11.84% of the stock is currently owned by company insiders.

Credo Technology Group Trading Down 0.4%

Credo Technology Group stock opened at $268.03 on Friday. The business's fifty day simple moving average is $211.63 and its two-hundred day simple moving average is $156.69. Credo Technology Group Holding Ltd. has a 12 month low of $84.25 and a 12 month high of $308.67. The company has a market capitalization of $49.98 billion, a price-to-earnings ratio of 108.08, a price-to-earnings-growth ratio of 1.23 and a beta of 3.22.

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

About Credo Technology Group

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.

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