Credo Technology Group Holding Ltd. $CRDO Stock Position Boosted by Vestor Capital LLC

Vestor Capital LLC grew its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 304.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,788 shares of the company’s stock after purchasing an additional 5,108 shares during the quarter. Vestor Capital LLC’s holdings in Credo Technology Group were worth $1,322,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CRDO. Bank of America Corp DE boosted its holdings in shares of Credo Technology Group by 13.7% in the second quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock valued at $593,603,000 after purchasing an additional 262,479 shares during the period. Atreides Management LP increased its holdings in Credo Technology Group by 3.5% during the 2nd quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock worth $307,109,000 after purchasing an additional 38,052 shares during the period. Pictet Asset Management Holding SA increased its holdings in Credo Technology Group by 222.5% during the 3rd quarter. Pictet Asset Management Holding SA now owns 740,487 shares of the company’s stock worth $144,170,000 after purchasing an additional 510,905 shares during the period. The Manufacturers Life Insurance Company raised its position in Credo Technology Group by 192.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock valued at $98,290,000 after purchasing an additional 688,596 shares in the last quarter. Finally, Value Aligned Research Advisors LLC bought a new stake in Credo Technology Group during the 2nd quarter valued at $91,919,000. 80.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on CRDO shares. Barclays lifted their price objective on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 20th. JPMorgan Chase & Co. cut their target price on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. Evercore set a $292.00 price target on shares of Credo Technology Group in a report on Wednesday, September 2nd. Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 3rd. Finally, Mizuho lowered their price target on shares of Credo Technology Group from $290.00 to $245.00 and set an “outperform” rating for the company in a research report on Monday, September 21st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $262.67.

Credo Technology Group Trading Up 10.3%

CRDO opened at $132.89 on Tuesday. The firm has a market cap of $24.98 billion, a price-to-earnings ratio of 46.12, a PEG ratio of 0.54 and a beta of 3.29. 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 fifty day moving average price of $176.68 and a 200-day moving average price of $180.25.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.03. The company had revenue of $479.00 million for the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%. The firm’s quarterly revenue was up 114.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.52 earnings per share. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Chi Cheng sold 27,500 shares of the firm’s stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $164.12, for a total value of $4,513,300.00. Following the sale, the chief technology officer directly owned 5,552,397 shares in the company, valued at approximately $911,259,395.64. This trade represents a 0.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel Fleming sold 7,580 shares of Credo Technology Group stock in a transaction that occurred on Thursday, October 8th. The stock was sold at an average price of $212.91, for a total transaction of $1,613,857.80. Following the completion of the transaction, the chief financial officer directly owned 492,208 shares in the company, valued at approximately $104,796,005.28. The trade was a 1.52% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 352,538 shares of company stock worth $67,200,077. Insiders own 9.06% of the company’s stock.

About Credo Technology Group

Credo Technology Group designs and supplies high-speed connectivity solutions for data infrastructure, including data centers and networking systems. Its products help move data between processors, servers, switches and other equipment used in demanding, high-bandwidth environments.

The company’s offerings include active electrical cables, semiconductor and optical digital signal processing products, retimers, and other connectivity components. These solutions are used in applications such as cloud computing and artificial intelligence infrastructure.

Credo is headquartered in San Jose, California, and serves customers in the global data infrastructure market.