VectorGlobal IAG Inc. Purchases Shares of 11,241 Credo Technology Group Holding Ltd. $CRDO

VectorGlobal IAG Inc. bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 11,241 shares of the company’s stock, valued at approximately $1,055,000.

Other institutional investors have also added to or reduced their stakes in the company. Reflection Asset Management bought a new stake in shares of Credo Technology Group in the fourth quarter valued at about $25,000. Acumen Wealth Advisors LLC acquired a new position in Credo Technology Group during the fourth quarter valued at approximately $25,000. Flagship Harbor Advisors LLC bought a new stake in shares of Credo Technology Group during the 4th quarter worth $32,000. AlphaCentric Advisors LLC bought a new position in shares of Credo Technology Group in the first quarter worth about $33,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in Credo Technology Group in the fourth quarter valued at approximately $36,000. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of recent research reports. Roth Capital lifted their price target on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Weiss Ratings raised Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Barclays upped their price target on Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, July 20th. Finally, Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $266.17.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $206.99 on Monday. The firm’s 50-day simple moving average is $236.60 and its two-hundred day simple moving average is $171.95. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67. The firm has a market cap of $38.60 billion, a price-to-earnings ratio of 83.46, a P/E/G ratio of 0.95 and a beta of 3.23.

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

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 54,984 shares of the business’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the sale, the chief executive officer owned 367,327 shares of the company’s stock, valued at $80,286,662.39. The trade was a 13.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Daniel W. Fleming sold 40,000 shares of the business’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer owned 501,873 shares in the company, valued at approximately $125,207,276.04. The trade was a 7.38% decrease in their ownership of the stock. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 302,162 shares of company stock worth $72,810,546. Corporate insiders own 11.84% of the company’s stock.

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.