Swiss National Bank Increases Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Swiss National Bank raised its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 1.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 277,616 shares of the company’s stock after buying an additional 3,500 shares during the quarter. Swiss National Bank owned about 0.17% of Credo Technology Group worth $18,659,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CRDO. Swedbank AB increased its stake in shares of Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after buying an additional 1,660,230 shares during the period. FMR LLC increased its stake in shares of Credo Technology Group by 731.6% during the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after buying an additional 1,013,789 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Mizuho boosted their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Stifel Nicolaus upped their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. TD Cowen lifted their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, Bank of America dropped their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $74.90.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the transaction, the chief operating officer now directly owns 400,000 shares of the company’s stock, valued at $27,212,000. This represents a 20.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $57.87, for a total value of $3,182,850.00. Following the completion of the sale, the chief technology officer now owns 8,213,602 shares of the company’s stock, valued at $475,321,147.74. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,186,706 shares of company stock worth $82,430,478. Insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Down 6.3 %

NASDAQ:CRDO opened at $44.07 on Wednesday. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The stock has a market cap of $7.48 billion, a price-to-earnings ratio of -293.80 and a beta of 2.16. The company’s 50 day moving average price is $65.02 and its 200-day moving average price is $52.92.

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.