Credo Technology Group Holding Ltd. $CRDO Shares Sold by Swedbank AB

Swedbank AB lowered its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 25.2% during the third quarter, Holdings Channel reports. The fund owned 1,402,100 shares of the company’s stock after selling 471,900 shares during the period. Swedbank AB’s holdings in Credo Technology Group were worth $204,160,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC grew its stake in Credo Technology Group by 6.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,891 shares of the company’s stock worth $275,000 after purchasing an additional 118 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Credo Technology Group by 3.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,684 shares of the company’s stock valued at $341,000 after buying an additional 126 shares during the period. Blue Trust Inc. grew its position in shares of Credo Technology Group by 3.9% during the second quarter. Blue Trust Inc. now owns 4,108 shares of the company’s stock worth $380,000 after buying an additional 154 shares in the last quarter. Signaturefd LLC increased its stake in shares of Credo Technology Group by 32.4% during the second quarter. Signaturefd LLC now owns 703 shares of the company’s stock worth $65,000 after buying an additional 172 shares during the period. Finally, Main Management ETF Advisors LLC raised its holdings in Credo Technology Group by 1.7% in the second quarter. Main Management ETF Advisors LLC now owns 11,728 shares of the company’s stock valued at $1,086,000 after acquiring an additional 192 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $147.81 on Wednesday. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80. The firm has a market capitalization of $26.70 billion, a P/E ratio of 129.66 and a beta of 2.63. The company’s fifty day moving average price is $156.72 and its 200 day moving average price is $131.34.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same quarter last year, the company posted $0.07 earnings per share. The business’s quarterly revenue was up 272.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented on CRDO. Wolfe Research set a $240.00 price target on shares of Credo Technology Group in a report on Tuesday, December 2nd. Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Barclays boosted their target price on shares of Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 2nd. Wall Street Zen upgraded Credo Technology Group from a “hold” rating to a “buy” rating in a research note on Sunday, September 28th. Finally, Stifel Nicolaus set a $160.00 price target on Credo Technology Group in a report on Wednesday, October 1st. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $206.85.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Monday, October 27th. The shares were sold at an average price of $156.32, for a total transaction of $8,597,600.00. Following the transaction, the chief technology officer directly owned 6,668,961 shares in the company, valued at approximately $1,042,491,983.52. This trade represents a 0.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Yat Tung Lam sold 370,000 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the completion of the sale, the chief operating officer owned 400,000 shares of the company’s stock, valued at approximately $61,276,000. This trade represents a 48.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,311,246 shares of company stock valued at $199,553,783 over the last quarter. Company insiders own 11.84% of the company’s stock.

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.