Vanguard Group Inc. Grows Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Vanguard Group Inc. increased its Q4 stake in Credo to 16,585,229 shares (9.18% ownership), valuing its position at about $2.39 billion after buying an additional 59,849 shares.
• Credo beat last quarter's estimates with EPS $1.07 vs. $0.78 expected and revenue of $407.0 million (up 201.5% YoY); the stock trades around $175.77 with a market cap of $32.42 billion and a PE of 97.65.
• Analysts have an average rating of "Moderate Buy" with a consensus target of $207.81, while insiders sold 360,983 shares (~$45.7M) over the past three months and institutions own about 80.46% of the stock.

Vanguard Group Inc. grew its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 0.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,585,229 shares of the company's stock after buying an additional 59,849 shares during the quarter. Vanguard Group Inc. owned 9.18% of Credo Technology Group worth $2,386,449,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Concurrent Investment Advisors LLC raised its stake in shares of Credo Technology Group by 13.9% in the fourth quarter. Concurrent Investment Advisors LLC now owns 17,462 shares of the company's stock valued at $2,513,000 after acquiring an additional 2,127 shares in the last quarter. Dupree Financial Group LLC acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $1,060,000. Rakuten Securities Inc. grew its holdings in shares of Credo Technology Group by 26.2% during the fourth quarter. Rakuten Securities Inc. now owns 19,448 shares of the company's stock worth $2,798,000 after purchasing an additional 4,032 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Credo Technology Group by 486.2% during the fourth quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company's stock worth $34,493,000 after purchasing an additional 198,826 shares in the last quarter. Finally, KLP Kapitalforvaltning AS boosted its position in shares of Credo Technology Group by 71.5% in the 4th quarter. KLP Kapitalforvaltning AS now owns 57,800 shares of the company's stock valued at $8,317,000 after purchasing an additional 24,100 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on CRDO. Roth Mkm cut their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, February 10th. Jefferies Financial Group assumed coverage on shares of Credo Technology Group in a report on Monday, April 13th. They issued a "buy" rating and a $175.00 target price for the company. Susquehanna dropped their price target on Credo Technology Group from $230.00 to $170.00 and set a "positive" rating on the stock in a research report on Tuesday, March 3rd. Needham & Company LLC reaffirmed a "buy" rating and set a $220.00 price objective on shares of Credo Technology Group in a research note on Wednesday, April 15th. Finally, Weiss Ratings cut Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $207.81.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, insider James Laufman sold 10,000 shares of the business's stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the sale, the insider directly owned 198,609 shares in the company, valued at approximately $32,653,305.69. The trade was a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 7,580 shares of the company's stock in a transaction on Tuesday, April 14th. The shares were sold at an average price of $152.63, for a total value of $1,156,935.40. Following the completion of the sale, the chief financial officer directly owned 433,678 shares in the company, valued at $66,192,273.14. This trade represents a 1.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 360,983 shares of company stock worth $45,690,382. Corporate insiders own 11.84% of the company's stock.

Credo Technology Group Stock Up 5.9%

Shares of CRDO opened at $175.77 on Thursday. Credo Technology Group Holding Ltd. has a 52-week low of $40.17 and a 52-week high of $213.80. The company has a 50-day simple moving average of $125.11 and a 200-day simple moving average of $139.25. The company has a market capitalization of $32.42 billion, a PE ratio of 97.65 and a beta of 2.72.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. During the same quarter in the previous year, the firm earned $0.25 earnings per share. The firm's revenue was up 201.5% on a year-over-year basis. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 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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