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

Swedbank AB increased its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 873.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,300,314 shares of the company’s stock after acquiring an additional 2,961,454 shares during the period. Swedbank AB owned approximately 1.99% of Credo Technology Group worth $101,650,000 at the end of the most recent reporting period.

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

Insider Buying and Selling

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

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $45.84 on Monday. Credo Technology Group Holding Ltd has a one year low of $16.82 and a one year high of $48.94. The firm has a market capitalization of $7.61 billion, a P/E ratio of -286.50 and a beta of 2.19. The company’s fifty day moving average is $37.37 and its two-hundred day moving average is $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). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The company had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. On average, sell-side analysts forecast that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on CRDO shares. Craig Hallum upped their target price on 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 price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday, September 5th. Mizuho boosted their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. Barclays increased their price target on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. Finally, Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $36.56.

About Credo Technology Group

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.