Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Bought by Swedbank AB

Swedbank AB lifted its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 873.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 3,300,314 shares of the company’s stock after buying an additional 2,961,454 shares during the period. Swedbank AB’s holdings in Credo Technology Group were worth $101,650,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Allworth Financial LP lifted its stake in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after purchasing an additional 771 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Credo Technology Group during the 2nd quarter valued at about $29,000. Rakuten Securities Inc. acquired a new position in Credo Technology Group during the 3rd quarter worth approximately $30,000. Fifth Third Bancorp boosted its holdings in Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares during the period. Finally, CWM LLC grew its position in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after acquiring an additional 594 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on CRDO shares. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Craig Hallum upped their price objective 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. Bank of America raised their target price on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. Barclays boosted their price target on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday, September 5th. Finally, Stifel Nicolaus raised their price objective on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.56.

Credo Technology Group Trading Down 1.0 %

Shares of CRDO opened at $45.84 on Monday. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $48.94. The firm has a market cap of $7.61 billion, a price-to-earnings ratio of -286.50 and a beta of 2.19. The stock has a 50 day moving average of $37.37 and a 200-day moving average of $31.05.

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

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $27.69, for a total value of $276,900.00. Following the sale, the chief operating officer now owns 2,885,840 shares of the company’s stock, valued at approximately $79,908,909.60. This trade represents a 0.35 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $30.50, for a total value of $4,575,000.00. Following the transaction, the director now owns 2,638,725 shares of the company’s stock, valued at approximately $80,481,112.50. The trade was a 5.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,324,817 shares of company stock valued at $43,552,936 in the last quarter. Insiders own 16.04% of the company’s stock.

Credo Technology Group Company 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.