Swedbank AB Decreases Stake in Credo Technology Group Holding Ltd. $CRDO

Swedbank AB lessened its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 25.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,402,100 shares of the company’s stock after selling 471,900 shares during the quarter. Swedbank AB owned approximately 0.81% of Credo Technology Group worth $204,160,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CRDO. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Credo Technology Group during the second quarter worth about $27,000. Wolff Wiese Magana LLC lifted its stake in Credo Technology Group by 200.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 450 shares of the company’s stock worth $42,000 after purchasing an additional 300 shares in the last quarter. Cullen Frost Bankers Inc. boosted its holdings in shares of Credo Technology Group by 278.4% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock worth $44,000 after purchasing an additional 348 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Credo Technology Group by 198.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Credo Technology Group in the first quarter valued at approximately $25,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of recent research reports. William Blair initiated coverage on Credo Technology Group in a research note on Thursday, September 18th. They set an “outperform” rating on the stock. Roth Capital lifted their price target on Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. JPMorgan Chase & Co. started coverage on shares of Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 price objective for the company. KGI Securities raised shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price on the stock in a research note on Tuesday, December 2nd. Finally, TD Cowen boosted their target price on shares of Credo Technology Group from $190.00 to $240.00 and gave the company a “buy” rating in a report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus price target of $206.85.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $150.77, for a total value of $8,292,350.00. Following the sale, the chief technology officer owned 6,503,961 shares in the company, valued at approximately $980,602,199.97. The trade was a 0.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.19, for a total value of $56,680,300.00. Following the transaction, the chief operating officer owned 400,000 shares of the company’s stock, valued at $61,276,000. This trade represents a 48.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,311,246 shares of company stock valued at $199,553,783. Insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $147.81 on Wednesday. The stock has a market capitalization of $26.70 billion, a P/E ratio of 129.66 and a beta of 2.63. The firm’s 50-day moving average is $156.72 and its two-hundred day moving average is $131.34. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80.

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