Vontobel Holding Ltd. Buys Shares of 18,949 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Vontobel Holding Ltd. bought a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 18,949 shares of the company's stock, valued at approximately $584,000.

Several other hedge funds have also modified their holdings of the stock. Vanguard Group Inc. boosted its stake in shares of Credo Technology Group by 7.7% in the first quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company's stock valued at $319,202,000 after purchasing an additional 1,072,301 shares during the period. Driehaus Capital Management LLC boosted its position in Credo Technology Group by 3.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company's stock valued at $121,097,000 after buying an additional 115,271 shares during the last quarter. Swedbank AB grew its stake in shares of Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company's stock valued at $101,650,000 after acquiring an additional 2,961,454 shares in the last quarter. D. E. Shaw & Co. Inc. increased its position in shares of Credo Technology Group by 9.1% during the second quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company's stock worth $77,660,000 after acquiring an additional 203,739 shares during the last quarter. Finally, Jennison Associates LLC grew its stake in Credo Technology Group by 1.9% during the 1st quarter. Jennison Associates LLC now owns 2,375,255 shares of the company's stock valued at $50,332,000 after purchasing an additional 45,396 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of recent analyst reports. The Goldman Sachs Group upped their target price on Credo Technology Group from $26.00 to $31.00 and gave the company a "buy" rating in a research report on Friday, September 6th. Needham & Company LLC increased their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, September 5th. Bank of America boosted their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an "underperform" rating in a research report on Thursday, September 5th. TD Cowen raised shares of Credo Technology Group to a "strong-buy" rating in a research report on Monday, September 16th. Finally, Mizuho boosted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an "outperform" rating in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.56.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the business's stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the sale, the chief executive officer now directly owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the transaction, the chief executive officer now directly owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $27.33, for a total transaction of $1,503,150.00. Following the completion of the sale, the chief technology officer now directly owns 9,223,602 shares of the company's stock, valued at $252,081,042.66. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,389,817 shares of company stock worth $43,755,386. Company insiders own 23.89% of the company's stock.

Credo Technology Group Price Performance

NASDAQ:CRDO traded down $0.23 during midday trading on Tuesday, reaching $39.70. 1,640,239 shares of the company traded hands, compared to its average volume of 2,233,331. Credo Technology Group Holding Ltd has a twelve month low of $13.38 and a twelve month high of $40.37. The company has a fifty day moving average price of $31.92 and a 200 day moving average price of $27.16. The firm has a market capitalization of $6.56 billion, a price-to-earnings ratio of -222.67 and a beta of 2.24.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The firm had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. On average, equities research analysts forecast that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

About Credo Technology Group

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.