4,800 Shares in Credo Technology Group Holding Ltd. $CRDO Acquired by Lombard Odier Asset Management Switzerland SA

Lombard Odier Asset Management Switzerland SA bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 4,800 shares of the company’s stock, valued at approximately $451,000.

Other hedge funds have also bought and sold shares of the company. NewEdge Advisors LLC grew its stake in Credo Technology Group by 128.4% in the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after buying an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after buying an additional 589,151 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Credo Technology Group by 2.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after acquiring an additional 7,107 shares during the last quarter. CW Advisors LLC bought a new stake in shares of Credo Technology Group during the 2nd quarter worth $288,000. Finally, EverSource Wealth Advisors LLC grew its position in Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after acquiring an additional 333 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $222.34, for a total value of $6,114,350.00. Following the transaction, the chief technology officer owned 5,827,370 shares in the company, valued at approximately $1,295,657,445.80. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed 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 W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the transaction, the chief financial officer directly owned 504,708 shares in the company, valued at approximately $124,097,603.04. The trade was a 1.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 302,162 shares of company stock valued at $72,080,421. 11.84% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CRDO has been the topic of a number of research reports. TD Cowen raised their price target on Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Weiss Ratings upgraded Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research report on Tuesday, May 26th. Bank of America raised their price objective on Credo Technology Group from $252.00 to $340.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Rosenblatt Securities boosted their target price on Credo Technology Group from $175.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, June 2nd. Finally, Barclays upped their target price 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. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $266.17.

Credo Technology Group Trading Down 7.6%

NASDAQ CRDO opened at $192.28 on Wednesday. The firm has a market cap of $35.86 billion, a PE ratio of 77.53, a price-to-earnings-growth ratio of 0.95 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67. The stock has a 50-day moving average of $236.79 and a 200-day moving average of $170.98.

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

Credo Technology Group Company 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.