Fjarde AP Fonden Fourth Swedish National Pension Fund Buys Shares of 34,100 Credo Technology Group Holding Ltd. $CRDO

Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the fourth quarter, HoldingsChannel.com reports. The firm bought 34,100 shares of the company’s stock, valued at approximately $4,907,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. WINTON GROUP Ltd bought a new position in Credo Technology Group in the fourth quarter valued at about $2,552,000. Parallel Advisors LLC grew its holdings in shares of Credo Technology Group by 95.0% during the fourth quarter. Parallel Advisors LLC now owns 2,400 shares of the company’s stock worth $345,000 after purchasing an additional 1,169 shares during the last quarter. SlateStone Wealth LLC bought a new stake in shares of Credo Technology Group during the fourth quarter worth about $1,058,000. VMS Asset Management Limited bought a new stake in shares of Credo Technology Group during the fourth quarter worth about $8,608,000. Finally, Prudential PLC grew its holdings in shares of Credo Technology Group by 60.4% during the fourth quarter. Prudential PLC now owns 91,690 shares of the company’s stock worth $13,193,000 after purchasing an additional 34,528 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total value of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company’s stock, valued at approximately $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer directly owned 6,272,370 shares in the company, valued at approximately $737,630,712. This trade 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 three months, insiders sold 386,608 shares of company stock worth $50,371,351. Insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $222.27 on Tuesday. The business’s 50 day simple moving average is $172.17 and its 200 day simple moving average is $147.79. Credo Technology Group Holding Ltd. has a one year low of $66.75 and a one year high of $245.95. The stock has a market capitalization of $41.00 billion, a PE ratio of 89.63, a PEG ratio of 1.34 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.The business had revenue of $437.00 million for the quarter, compared to analysts’ expectations of $431.80 million. During the same period in the prior year, the business posted $0.20 earnings per share. The firm’s revenue was up 157.0% on a year-over-year basis. As a group, research analysts expect that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CRDO shares. Stifel Nicolaus set a $250.00 price target on Credo Technology Group in a report on Wednesday, May 27th. Roth Mkm boosted their price target on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Rothschild & Co Redburn started coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 price target on the stock. Bank of America boosted their price target on Credo Technology Group from $210.00 to $252.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Susquehanna boosted their price target on Credo Technology Group from $200.00 to $235.00 and gave the stock a “positive” rating in a report on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $248.41.

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.