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

Fjarde AP Fonden Fourth Swedish National Pension Fund purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 34,100 shares of the company’s stock, valued at approximately $4,907,000.

Several other hedge funds have also added to or reduced their stakes in CRDO. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the 3rd quarter valued at $25,000. Crewe Advisors LLC lifted its holdings in Credo Technology Group by 163.1% during 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 acquired a new stake in Credo Technology Group during the 4th quarter valued at $32,000. Smallwood Wealth Investment Management LLC acquired a new stake in Credo Technology Group during the 4th quarter valued at $36,000. Finally, Smartleaf Asset Management LLC lifted its holdings in Credo Technology Group by 133.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after purchasing an additional 147 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

CRDO has been the subject of several research reports. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 19th. 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 target price for the company. Stifel Nicolaus set a $250.00 target price on Credo Technology Group in a report on Wednesday, May 27th. Bank of America lifted their target price 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, TD Cowen lifted their target price on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $248.41.

Insider Transactions at Credo Technology Group

In related news, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 1,782,502 shares of the company’s stock, valued at $209,764,835.36. The trade was a 2.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $737,630,712. This trade represents a 0.44% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 386,608 shares of company stock valued at $50,371,351. 11.84% of the stock is owned by insiders.

Credo Technology Group Stock Performance

CRDO opened at $222.27 on Tuesday. The company has a market capitalization of $41.00 billion, a P/E ratio of 89.63, a P/E/G ratio of 1.34 and a beta of 3.22. The stock has a fifty day moving average of $172.17 and a 200-day moving average of $147.79. Credo Technology Group Holding Ltd. has a fifty-two week low of $66.75 and a fifty-two week high of $245.95.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 36.99% and a net margin of 35.37%.Credo Technology Group’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.20 earnings per share. On average, equities research analysts predict that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current fiscal year.

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.