Valeo Financial Advisors LLC Invests $802,000 in Credo Technology Group Holding Ltd. $CRDO

Valeo Financial Advisors LLC bought a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 2nd quarter, HoldingsChannel reports. The fund bought 2,948 shares of the company’s stock, valued at approximately $802,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CRDO. Vanguard Group Inc. boosted its position in Credo Technology Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after buying an additional 59,849 shares during the period. State Street Corp increased its position in shares of Credo Technology Group by 23.4% in the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after acquiring an additional 849,654 shares during the period. Geode Capital Management LLC raised its stake in shares of Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after acquiring an additional 184,676 shares during the last quarter. Corient Private Wealth LLC raised its stake in shares of Credo Technology Group by 239,024.5% during the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after acquiring an additional 3,597,318 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after purchasing an additional 1,218,504 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Credo Technology Group Trading Down 4.0%

Shares of CRDO stock opened at $239.93 on Tuesday. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The stock has a market cap of $44.74 billion, a PE ratio of 96.75, a price-to-earnings-growth ratio of 1.14 and a beta of 3.23. The company’s fifty day moving average price is $237.71 and its 200-day moving average price is $175.32.

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

Insider Buying and Selling at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at $125,207,276.04. The trade was a 7.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Yat Tung Lam sold 55,441 shares of the company’s stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $213.02, for a total value of $11,810,041.82. Following the completion of the sale, the chief operating officer owned 2,529,169 shares in the company, valued at $538,763,580.38. The trade was a 2.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 435,076 shares of company stock worth $101,043,506 over the last three months. Company insiders own 11.84% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the topic of several recent analyst reports. TD Cowen raised their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Susquehanna upped their target price on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Jefferies Financial Group boosted their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a “buy” rating in a report on Monday, June 22nd. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a research report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $266.17.

Credo Technology Group Profile

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.