Credo Technology Group Holding Ltd. $CRDO Stock Position Boosted by Swiss Life Asset Management Ltd

Swiss Life Asset Management Ltd boosted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 49.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,481 shares of the company’s stock after buying an additional 3,467 shares during the period. Swiss Life Asset Management Ltd’s holdings in Credo Technology Group were worth $1,508,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CRDO. NewEdge Advisors LLC lifted its position in Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after purchasing an additional 3,972 shares during the period. Goldman Sachs Group Inc. lifted its position in Credo Technology Group by 63.0% in the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after purchasing an additional 589,151 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Credo Technology Group by 2.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares during the period. CW Advisors LLC acquired a new stake in Credo Technology Group in the second quarter worth approximately $288,000. Finally, EverSource Wealth Advisors LLC lifted its position in Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after purchasing an additional 333 shares during the period. Institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the transaction, the chief technology officer directly owned 6,272,370 shares of the company’s stock, valued at approximately $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction that occurred 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 directly owned 1,782,502 shares in the company, valued at $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 386,608 shares of company stock worth $50,371,351 over the last three months. 11.84% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CRDO has been the topic of several research reports. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They issued a “buy” rating and a $206.00 price target on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price target on shares of Credo Technology Group in a research report on Wednesday, April 15th. Mizuho dropped their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, March 3rd. Rosenblatt Securities boosted their price target on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Finally, Roth Mkm dropped their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $207.71.

Credo Technology Group Stock Down 6.7%

NASDAQ:CRDO opened at $172.17 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $57.21 and a 1-year high of $213.80. The firm has a market capitalization of $31.76 billion, a price-to-earnings ratio of 95.65 and a beta of 3.17. The stock has a fifty day simple moving average of $139.79 and a 200 day simple moving average of $142.52.

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

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.