Vontobel Holding Ltd. Sells 6,740 Shares of Credo Technology Group Holding Ltd. $CRDO

Vontobel Holding Ltd. reduced its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 38.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 10,608 shares of the company’s stock after selling 6,740 shares during the quarter. Vontobel Holding Ltd.’s holdings in Credo Technology Group were worth $1,545,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. GAMMA Investing LLC boosted its stake in Credo Technology Group by 6.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,891 shares of the company’s stock valued at $275,000 after purchasing an additional 118 shares during the period. Nisa Investment Advisors LLC boosted its position in shares of Credo Technology Group by 3.5% in the second quarter. Nisa Investment Advisors LLC now owns 3,684 shares of the company’s stock valued at $341,000 after acquiring an additional 126 shares during the period. Blue Trust Inc. grew its stake in shares of Credo Technology Group by 3.9% in the second quarter. Blue Trust Inc. now owns 4,108 shares of the company’s stock worth $380,000 after acquiring an additional 154 shares during the last quarter. Signaturefd LLC increased its position in Credo Technology Group by 32.4% during the second quarter. Signaturefd LLC now owns 703 shares of the company’s stock worth $65,000 after acquiring an additional 172 shares during the period. Finally, Main Management ETF Advisors LLC increased its position in Credo Technology Group by 1.7% during the second quarter. Main Management ETF Advisors LLC now owns 11,728 shares of the company’s stock worth $1,086,000 after acquiring an additional 192 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Weiss Ratings reissued a “hold (c+)” rating on shares of Credo Technology Group in a report on Monday, December 15th. Wall Street Zen upgraded shares of Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Barclays lifted their target price on Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 2nd. Susquehanna upped their price target on Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. Finally, Stifel Nicolaus set a $160.00 price objective on Credo Technology Group in a research report on Wednesday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group has an average rating of “Buy” and a consensus target price of $206.85.

Insider Transactions at Credo Technology Group

In other news, CEO William Joseph Brennan sold 18,016 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.16, for a total value of $2,759,330.56. Following the sale, the chief executive officer owned 301,891 shares in the company, valued at approximately $46,237,625.56. The trade was a 5.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sylvia Acevedo sold 1,875 shares of the company’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $185.17, for a total transaction of $347,193.75. Following the completion of the sale, the director directly owned 21,098 shares in the company, valued at approximately $3,906,716.66. The trade was a 8.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,311,246 shares of company stock valued at $199,553,783. 11.84% of the stock is owned by insiders.

Credo Technology Group Stock Down 3.6%

NASDAQ:CRDO opened at $144.83 on Friday. The firm has a market capitalization of $26.16 billion, a PE ratio of 127.04 and a beta of 2.63. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The firm has a 50-day moving average price of $157.40 and a 200 day moving average price of $132.56.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same period in the previous year, the business earned $0.07 earnings per share. The company’s quarterly revenue was up 272.1% on a year-over-year basis. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

About Credo Technology Group

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.