Tredje AP fonden Acquires New Holdings in Credo Technology Group Holding Ltd. $CRDO

Tredje AP fonden acquired a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 60,000 shares of the company’s stock, valued at approximately $8,633,000.

Several other hedge funds have also recently bought and sold shares of CRDO. Atlantic Union Bankshares Corp bought a new stake in Credo Technology Group in the 3rd quarter valued at about $25,000. Crewe Advisors LLC lifted its position in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock valued at $25,000 after purchasing an additional 106 shares during the last quarter. Flagship Harbor Advisors LLC bought a new stake in Credo Technology Group in the 4th quarter valued at about $32,000. Smallwood Wealth Investment Management LLC bought a new stake in Credo Technology Group in the 4th quarter valued at about $36,000. Finally, Smartleaf Asset Management LLC raised its position in shares of 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 buying an additional 147 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the stock. Stifel Nicolaus set a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Susquehanna dropped their price target on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating on the stock in a research report on Tuesday, March 3rd. The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $150.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. 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. Finally, Jefferies Financial Group assumed coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They set a “buy” rating and a $175.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and an average target price of $207.71.

Credo Technology Group Trading Up 8.1%

CRDO stock opened at $168.99 on Wednesday. The firm’s 50-day moving average is $141.80 and its two-hundred day moving average is $142.37. The company has a market capitalization of $31.17 billion, a price-to-earnings ratio of 93.88 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 52 week low of $59.00 and a 52 week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business’s revenue was up 201.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.25 EPS. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at $737,630,712. The trade was a 0.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,782,502 shares in the company, valued at $209,764,835.36. This represents a 2.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 386,608 shares of company stock worth $50,371,351 in the last ninety days. Corporate insiders own 11.84% of the company’s stock.

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.