Swedbank AB Increases Holdings in Credo Technology Group Holding Ltd. $CRDO

Swedbank AB increased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 47.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,062,779 shares of the company’s stock after acquiring an additional 660,679 shares during the period. Swedbank AB owned approximately 1.14% of Credo Technology Group worth $296,813,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Credo Technology Group by 199.6% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 237,941 shares of the company’s stock worth $34,078,000 after purchasing an additional 158,523 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in shares of Credo Technology Group by 154.5% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 32,468 shares of the company’s stock valued at $4,672,000 after buying an additional 19,708 shares in the last quarter. SBI Securities Co. Ltd. raised its stake in shares of Credo Technology Group by 37.4% during the 4th quarter. SBI Securities Co. Ltd. now owns 14,510 shares of the company’s stock worth $2,088,000 after buying an additional 3,951 shares during the last quarter. Alta Wealth Advisors LLC raised its stake in shares of Credo Technology Group by 11.1% during the 4th quarter. Alta Wealth Advisors LLC now owns 14,262 shares of the company’s stock worth $2,052,000 after buying an additional 1,428 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Credo Technology Group by 1.4% in the 4th quarter. Principal Financial Group Inc. now owns 707,021 shares of the company’s stock worth $101,733,000 after buying an additional 9,695 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Friday, May 1st. The stock was sold at an average price of $178.99, for a total value of $4,922,225.00. Following the completion of the sale, the chief technology officer owned 6,024,870 shares of the company’s stock, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 6,149 shares of the firm’s stock in a transaction dated Sunday, April 5th. The stock was sold at an average price of $101.45, for a total value of $623,816.05. Following the completion of the sale, the chief executive officer directly owned 222,311 shares in the company, valued at approximately $22,553,450.95. The trade was a 2.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 386,608 shares of company stock worth $50,371,351 over the last ninety days. Company insiders own 11.84% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of research reports. Weiss Ratings cut shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research note on Friday, April 24th. Craig Hallum reaffirmed a “buy” rating and issued a $200.00 price target on shares of Credo Technology Group in a report on Tuesday, March 3rd. Mizuho lowered their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a research report on Friday. They set a “buy” rating and a $206.00 price objective for the company. Finally, Roth Mkm reduced their target price on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $207.71.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $193.57 on Wednesday. The company has a 50-day simple moving average of $127.37 and a 200-day simple moving average of $139.93. The company has a market cap of $35.70 billion, a PE ratio of 107.54 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 12 month low of $45.65 and a 12 month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.29. The business had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.25 earnings per share. On average, analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Credo Technology Group 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.