Tredje AP fonden Purchases New Shares in Credo Technology Group Holding Ltd. $CRDO

Tredje AP fonden acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 60,000 shares of the company’s stock, valued at approximately $8,633,000.

Other hedge funds also recently added to or reduced their stakes in the company. Crewe Advisors LLC grew its holdings in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in Credo Technology Group during the 3rd quarter worth $25,000. Flagship Harbor Advisors LLC acquired a new position in Credo Technology Group during the 4th quarter worth $32,000. Smallwood Wealth Investment Management LLC acquired a new position in Credo Technology Group during the 4th quarter worth $36,000. Finally, Smartleaf Asset Management LLC grew its holdings in Credo Technology Group by 133.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after acquiring an additional 147 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Roth Mkm decreased their price objective on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, February 10th. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, April 24th. Needham & Company LLC reissued a “buy” rating and set a $220.00 price objective on shares of Credo Technology Group in a report on Wednesday, April 15th. Craig Hallum reissued a “buy” rating and set a $200.00 price objective on shares of Credo Technology Group in a report on Tuesday, March 3rd. Finally, The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $150.00 to $170.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. One investment 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 company’s stock. According to MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average price target of $207.71.

Insider Transactions at Credo Technology Group

In related news, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction dated 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 sale, the chief executive officer directly owned 1,782,502 shares in the company, valued at $209,764,835.36. This trade represents a 2.73% decrease in their position. The sale 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 Credo Technology Group stock in a transaction dated 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 completion of the sale, the chief technology officer owned 6,272,370 shares in the company, valued at approximately $737,630,712. This represents a 0.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 386,608 shares of company stock worth $50,371,351. Insiders own 11.84% of the company’s stock.

Credo Technology Group Stock Performance

Credo Technology Group stock opened at $168.99 on Wednesday. The firm’s 50-day moving average is $141.80 and its 200-day moving average is $142.37. Credo Technology Group Holding Ltd. has a 1 year low of $59.00 and a 1 year high of $213.80. The company has a market cap of $31.17 billion, a P/E ratio of 93.88 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 (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. During the same period last year, the firm posted $0.25 EPS. The company’s revenue for the quarter was up 201.5% on a year-over-year basis. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share 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.