Lombard Odier Asset Management Switzerland SA Takes Position in Credo Technology Group Holding Ltd. $CRDO

Lombard Odier Asset Management Switzerland SA acquired a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 1st quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,800 shares of the company’s stock, valued at approximately $451,000.

Several other hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Credo Technology Group by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after acquiring an additional 59,849 shares in the last quarter. State Street Corp increased its position in shares of Credo Technology Group by 23.4% during the fourth quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after acquiring an additional 849,654 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock worth $555,117,000 after acquiring an additional 184,676 shares during the period. Corient Private Wealth LLC boosted its position in Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock worth $517,835,000 after purchasing an additional 3,597,318 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its position in Credo Technology Group by 66.0% in the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after purchasing an additional 1,218,504 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Mizuho increased their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a research report on Tuesday, June 2nd. Jefferies Financial Group boosted their target price on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. TD Cowen raised their price target on shares of Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Susquehanna increased their price objective on Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $266.17.

Credo Technology Group Stock Down 7.6%

NASDAQ CRDO opened at $192.28 on Wednesday. The company 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 52 week low of $86.49 and a 52 week high of $308.67. The firm’s 50-day simple moving average is $236.79 and its two-hundred day simple moving average is $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, beating the consensus estimate of $1.02 by $0.14. The company had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.20 earnings per share. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $222.34, for a total value of $6,114,350.00. Following the completion of the transaction, the chief technology officer owned 5,827,370 shares in the company, valued at $1,295,657,445.80. This trade represents a 0.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 dated Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the transaction, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at $124,097,603.04. The trade was a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 302,162 shares of company stock worth $72,080,421. 11.84% of the stock is owned by company insiders.

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.