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

Key Points

• Banque Cantonale Vaudoise has acquired a new stake of $670,000 in Credo Technology Group Holding Ltd., purchasing 16,688 shares in the first quarter.
• Insider transactions revealed that CTO Chi Fung Cheng sold 59,641 shares for approximately $4.47 million, while Director Lip Bu Tan sold 171,473 shares totaling about $13.36 million.
• Analysts have rated Credo Technology Group with a strong outlook, with targets ranging from $85.00 to $98.00, indicating confidence in its future performance.

Banque Cantonale Vaudoise acquired a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 16,688 shares of the company's stock, valued at approximately $670,000.

Several other hedge funds have also made changes to their positions in CRDO. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Credo Technology Group in the 1st quarter valued at approximately $27,000. Optimum Investment Advisors purchased a new position in Credo Technology Group in the first quarter worth $52,000. Larson Financial Group LLC lifted its holdings in Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after acquiring an additional 245 shares during the period. Quarry LP purchased a new stake in shares of Credo Technology Group during the 4th quarter worth $58,000. Finally, CIBC Private Wealth Group LLC grew its stake in shares of 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 purchasing an additional 348 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 12,248 shares of the company's stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $93.22, for a total transaction of $1,141,758.56. Following the completion of the sale, the director directly owned 467,180 shares of the company's stock, valued at approximately $43,550,519.60. This represents a 2.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Laufman sold 5,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $85.07, for a total transaction of $425,350.00. Following the sale, the insider owned 249,346 shares in the company, valued at $21,211,864.22. This represents a 1.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,021,264 shares of company stock worth $86,032,061 in the last three months. 16.04% of the stock is currently owned by insiders.

Analysts Set New Price Targets

CRDO has been the topic of a number of research analyst reports. Roth Capital set a $95.00 price objective on shares of Credo Technology Group and gave the stock a "buy" rating in a report on Friday, June 13th. Susquehanna upped their price target on Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. TD Cowen boosted their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Stifel Nicolaus raised their price target on Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, Wall Street Zen lowered shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $87.91.

Credo Technology Group Trading Up 6.6%

Shares of NASDAQ CRDO traded up $7.14 during midday trading on Monday, reaching $114.70. 3,183,798 shares of the stock were exchanged, compared to its average volume of 4,654,659. The stock has a 50 day moving average price of $88.52 and a 200-day moving average price of $66.02. The company has a market capitalization of $19.69 billion, a P/E ratio of 398.37, a P/E/G ratio of 1.93 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 52-week low of $22.50 and a 52-week high of $118.95.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. The company had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The business's revenue for the quarter was up 179.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.07 EPS. On average, analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 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.