Swedbank AB Acquires 2,961,454 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Swedbank AB grew its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 873.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,300,314 shares of the company’s stock after purchasing an additional 2,961,454 shares during the quarter. Swedbank AB’s holdings in Credo Technology Group were worth $101,650,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Arcadia Investment Management Corp MI bought a new position in shares of Credo Technology Group in the 2nd quarter valued at about $29,000. Fifth Third Bancorp raised its position in shares of Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares during the period. Covestor Ltd raised its position in shares of Credo Technology Group by 19,240.0% in the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after acquiring an additional 1,924 shares during the period. CWM LLC raised its position in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after acquiring an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC acquired a new stake in shares of Credo Technology Group in the 2nd quarter valued at approximately $51,000. Institutional investors own 80.46% of the company’s stock.

Insider Activity

In other news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the sale, the director now directly owns 2,638,725 shares in the company, valued at $80,481,112.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the transaction, the director now directly owns 2,638,725 shares of the company’s stock, valued at approximately $80,481,112.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $27.67, for a total transaction of $276,700.00. Following the completion of the transaction, the chief operating officer now directly owns 2,807,777 shares of the company’s stock, valued at $77,691,189.59. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,444,817 shares of company stock worth $45,366,886 over the last ninety days. Insiders own 23.89% of the company’s stock.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $36.38 on Wednesday. Credo Technology Group Holding Ltd has a 52 week low of $13.38 and a 52 week high of $40.37. The company has a market capitalization of $6.01 billion, a P/E ratio of -202.11 and a beta of 2.24. The company’s 50 day moving average price is $31.01 and its two-hundred day moving average price is $26.70.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. The business had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Analysts forecast that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of analyst reports. Bank of America increased their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. Mizuho increased their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday. Barclays increased their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Thursday, September 5th. Craig Hallum increased their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. Finally, Stifel Nicolaus raised their target price on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $35.44.

Credo Technology Group Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.