Credo Technology Group Holding Ltd. $CRDO Shares Bought by Danske Bank A S

Danske Bank A S lifted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 87.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 55,600 shares of the company’s stock after acquiring an additional 25,874 shares during the period. Danske Bank A S’s holdings in Credo Technology Group were worth $8,000,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of CRDO. Mutual Advisors LLC lifted its stake in Credo Technology Group by 195.6% during the fourth quarter. Mutual Advisors LLC now owns 3,976 shares of the company’s stock valued at $572,000 after purchasing an additional 2,631 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in Credo Technology Group by 336.4% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 48,712 shares of the company’s stock valued at $7,009,000 after purchasing an additional 37,551 shares during the last quarter. Sigma Planning Corp lifted its stake in Credo Technology Group by 48.8% during the fourth quarter. Sigma Planning Corp now owns 10,239 shares of the company’s stock valued at $1,473,000 after purchasing an additional 3,360 shares during the last quarter. Covenant Asset Management LLC acquired a new stake in Credo Technology Group during the fourth quarter valued at approximately $2,194,000. Finally, FengHe Fund Management Pte. Ltd. lifted its stake in Credo Technology Group by 5.7% during the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after purchasing an additional 8,769 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

CRDO opened at $180.06 on Tuesday. Credo Technology Group Holding Ltd. has a fifty-two week low of $45.65 and a fifty-two week high of $213.80. The business has a 50-day moving average of $125.98 and a 200-day moving average of $139.49. The company has a market capitalization of $33.21 billion, a PE ratio of 100.03 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company had revenue of $407.01 million during the quarter, compared to the consensus estimate of $385.94 million. During the same period last year, the business earned $0.25 EPS. The business’s quarterly revenue was up 201.5% on a year-over-year basis. On average, equities research analysts expect that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 27,500 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares in the company, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at $209,764,835.36. This represents a 2.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 359,108 shares of company stock worth $45,449,126 in the last 90 days. 11.84% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. The Goldman Sachs Group upped their target price on Credo Technology Group from $150.00 to $170.00 and gave the company a “buy” rating in a report on Thursday, April 16th. Rothschild & Co Redburn initiated coverage on Credo Technology Group in a report on Friday. They set a “buy” rating and a $206.00 target price for the company. Barclays restated an “overweight” rating and issued a $260.00 price target on shares of Credo Technology Group in a research report on Thursday, January 15th. Needham & Company LLC restated a “buy” rating and issued a $220.00 price target on shares of Credo Technology Group in a research report on Wednesday, April 15th. Finally, Weiss Ratings downgraded shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $207.71.

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.