Banque Cantonale Vaudoise Makes New $97,000 Investment in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Banque Cantonale Vaudoise bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 4,587 shares of the company’s stock, valued at approximately $97,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Credo Technology Group by 11.3% during the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after buying an additional 1,420,664 shares in the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Credo Technology Group by 17.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock valued at $131,931,000 after purchasing an additional 1,299,600 shares in the last quarter. Jennison Associates LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at $45,362,000. Wellington Management Group LLP acquired a new stake in shares of Credo Technology Group in the 4th quarter valued at $35,224,000. Finally, Principal Financial Group Inc. raised its holdings in shares of Credo Technology Group by 0.6% in the 4th quarter. Principal Financial Group Inc. now owns 1,578,400 shares of the company’s stock valued at $30,731,000 after purchasing an additional 8,746 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $27.29 on Tuesday. Credo Technology Group Holding Ltd has a 1 year low of $13.38 and a 1 year high of $29.89. The company has a market capitalization of $4.46 billion, a P/E ratio of -151.61 and a beta of 2.20. The company’s fifty day moving average is $21.65 and its two-hundred day moving average is $21.03.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Wednesday, May 29th. The company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.04). Credo Technology Group had a negative return on equity of 4.87% and a negative net margin of 14.70%. The business had revenue of $60.78 million for the quarter, compared to analysts’ expectations of $60.50 million. As a group, equities analysts expect that Credo Technology Group Holding Ltd will post 0.07 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $21.58, for a total value of $323,700.00. Following the sale, the chief executive officer now owns 3,052,500 shares of the company’s stock, valued at $65,872,950. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $21.58, for a total value of $323,700.00. Following the sale, the chief executive officer now owns 3,052,500 shares of the company’s stock, valued at $65,872,950. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $21.31, for a total transaction of $1,172,050.00. Following the completion of the sale, the chief technology officer now directly owns 9,938,602 shares in the company, valued at approximately $211,791,608.62. The disclosure for this sale can be found here. In the last three months, insiders have sold 713,193 shares of company stock valued at $15,314,176. Insiders own 23.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. TD Cowen raised their price objective on shares of Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a report on Wednesday, February 28th. Barclays raised their price objective on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Mizuho reiterated a “buy” rating and set a $30.00 price target (up from $28.00) on shares of Credo Technology Group in a research note on Wednesday, February 28th. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research note on Wednesday, February 28th. Finally, Needham & Company LLC lifted their price target on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus target price of $26.88.

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.