Vanguard Group Inc. Sells 412,688 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Vanguard Group Inc. decreased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 2.5% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,944,923 shares of the company’s stock after selling 412,688 shares during the period. Vanguard Group Inc. owned approximately 9.39% of Credo Technology Group worth $640,348,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in Credo Technology Group during the first quarter valued at $27,000. Harbour Investments Inc. bought a new stake in Credo Technology Group during the first quarter valued at $29,000. Quarry LP bought a new stake in Credo Technology Group during the fourth quarter valued at $58,000. Optimum Investment Advisors bought a new stake in Credo Technology Group during the first quarter valued at $52,000. Finally, Larson Financial Group LLC boosted its stake in Credo Technology Group by 21.5% during the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company’s stock valued at $56,000 after buying an additional 245 shares during the period. Institutional investors own 80.46% of the company’s stock.

Insider Activity at Credo Technology Group

In related news, Director Lip Bu Tan sold 171,473 shares of the business’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the transaction, the director owned 613,725 shares in the company, valued at $47,809,177.50. The trade was a 21.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William Joseph Brennan sold 150,000 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $106.87, for a total value of $16,030,500.00. Following the transaction, the chief executive officer owned 2,061,978 shares in the company, valued at approximately $220,363,588.86. This represents a 6.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,274,583 shares of company stock worth $113,118,257 in the last 90 days. Company insiders own 16.04% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CRDO. Mizuho lifted their price target on Credo Technology Group from $81.00 to $98.00 and gave the stock an “outperform” rating in a research note on Thursday, July 3rd. Wall Street Zen cut Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, July 12th. TD Cowen upped their price objective on Credo Technology Group from $85.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, June 18th. Cowen reiterated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Finally, Needham & Company LLC upped their price objective on Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Tuesday, June 3rd. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $87.91.

Credo Technology Group Trading Down 3.4%

NASDAQ CRDO opened at $121.13 on Thursday. Credo Technology Group Holding Ltd. has a 1-year low of $24.08 and a 1-year high of $128.56. The stock has a 50-day moving average of $95.94 and a 200-day moving average of $68.01. The firm has a market cap of $20.79 billion, a PE ratio of 448.63, a price-to-earnings-growth ratio of 2.25 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same quarter in the previous year, the company posted $0.07 EPS. Credo Technology Group’s revenue for the quarter was up 179.6% on a year-over-year basis. As a group, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 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.