Swiss National Bank Boosts Holdings in Credo Technology Group Holding Ltd. $CRDO

Swiss National Bank raised its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 3.4% in the 3rd quarter, Holdings Channel reports. The firm owned 301,916 shares of the company’s stock after buying an additional 9,900 shares during the quarter. Swiss National Bank’s holdings in Credo Technology Group were worth $43,962,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CRDO. Vanguard Group Inc. raised its position in shares of Credo Technology Group by 0.9% in the third quarter. Vanguard Group Inc. now owns 16,525,380 shares of the company’s stock worth $2,406,261,000 after buying an additional 150,012 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after buying an additional 1,190,522 shares during the period. Geode Capital Management LLC grew its position in Credo Technology Group by 4.7% during the second quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock worth $334,740,000 after buying an additional 163,305 shares in the last quarter. Alliancebernstein L.P. increased its stake in Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after acquiring an additional 589,151 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Analyst Ratings Changes

CRDO has been the subject of a number of research analyst reports. Roth Mkm dropped their price target on Credo Technology Group from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, February 10th. TD Cowen restated a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, December 2nd. Barclays reaffirmed an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. Susquehanna dropped their target price on shares of Credo Technology Group from $230.00 to $170.00 and set a “positive” rating for the company in a research report on Tuesday, March 3rd. Finally, Rosenblatt Securities cut their price target on shares of Credo Technology Group from $170.00 to $125.00 and set a “neutral” rating for the company in a research note on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $206.33.

Credo Technology Group Stock Down 3.7%

NASDAQ CRDO opened at $111.57 on Friday. The company has a 50-day simple moving average of $127.26 and a two-hundred day simple moving average of $143.02. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The firm has a market cap of $20.58 billion, a price-to-earnings ratio of 61.98 and a beta of 2.67.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.78 by $0.29. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The firm had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. During the same quarter in the previous year, the business earned $0.25 earnings per share. The company’s quarterly revenue was up 201.5% on a year-over-year basis. Equities analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $150.77, for a total transaction of $8,292,350.00. Following the completion of the sale, the chief technology officer owned 6,503,961 shares of the company’s stock, valued at approximately $980,602,199.97. This represents a 0.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction that occurred on Thursday, January 29th. The shares were sold at an average price of $127.69, for a total value of $6,384,500.00. Following the sale, the chief executive officer directly owned 1,832,502 shares of the company’s stock, valued at approximately $233,992,180.38. This trade represents a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 423,085 shares of company stock worth $59,514,322. 11.84% of the stock is owned by corporate insiders.

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.