PFA Pension Forsikringsaktieselskab Invests $12.19 Million in Credo Technology Group Holding Ltd. $CRDO

PFA Pension Forsikringsaktieselskab purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 84,100 shares of the company’s stock, valued at approximately $12,188,000.

Other large investors have also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Credo Technology Group by 9.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock worth $39,004,000 after acquiring an additional 23,332 shares during the period. Optimize Financial Inc bought a new stake in shares of Credo Technology Group in the third quarter worth approximately $1,431,000. Estate Counselors LLC bought a new stake in shares of Credo Technology Group in the third quarter worth approximately $2,548,000. Global Trust Asset Management LLC bought a new stake in shares of Credo Technology Group in the third quarter worth approximately $2,167,000. Finally, FengHe Fund Management Pte. Ltd. grew its stake in shares of Credo Technology Group by 5.7% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock worth $23,349,000 after acquiring an additional 8,769 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CRDO has been the subject of several recent research reports. Barclays restated an “overweight” rating and set a $260.00 target price on shares of Credo Technology Group in a research report on Thursday, January 15th. Susquehanna cut their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a research report on Tuesday, March 3rd. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday. They set a “buy” rating and a $206.00 target price for the company. The Goldman Sachs Group boosted their target price on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, April 16th. Finally, Craig Hallum restated a “buy” rating and set a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average target price of $207.71.

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at $209,764,835.36. This represents a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at approximately $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 359,108 shares of company stock valued at $45,449,126. Company insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $184.38 on Monday. The firm has a 50 day moving average of $125.98 and a 200 day moving average of $139.49. The firm has a market capitalization of $34.01 billion, a price-to-earnings ratio of 102.43 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 earnings results 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 company had revenue of $407.01 million during the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm’s quarterly revenue was up 201.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.25 earnings per share. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 2.36 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.