Credo Technology Group Holding Ltd. $CRDO Stock Position Lifted by Swiss Life Asset Management Ltd

Swiss Life Asset Management Ltd boosted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 49.4% in the fourth quarter, Holdings Channel.com reports. The firm owned 10,481 shares of the company’s stock after purchasing an additional 3,467 shares during the period. Swiss Life Asset Management Ltd’s holdings in Credo Technology Group were worth $1,508,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Crewe Advisors LLC boosted its position in Credo Technology Group by 163.1% during the fourth 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. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group during the third quarter valued at $25,000. First Horizon Corp acquired a new stake in Credo Technology Group during the third quarter valued at $26,000. Flagship Harbor Advisors LLC bought a new position in Credo Technology Group during the fourth quarter valued at approximately $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new position in Credo Technology Group during the fourth quarter valued at approximately $36,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Down 6.7%

Shares of Credo Technology Group stock opened at $172.17 on Friday. The stock has a market capitalization of $31.76 billion, a P/E ratio of 95.65 and a beta of 3.17. The stock has a 50 day moving average price of $139.79 and a two-hundred day moving average price of $142.52. Credo Technology Group Holding Ltd. has a 12-month low of $57.21 and a 12-month high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.29. The firm had revenue of $407.01 million during the quarter, compared to analysts’ expectations of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The company’s revenue was up 201.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.25 earnings per share. Sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on CRDO shares. Rothschild & Co Redburn started coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 price objective on the stock. Rosenblatt Securities raised their price objective on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $150.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. Roth Mkm lowered their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday, February 10th. Finally, Craig Hallum reissued a “buy” rating and set a $200.00 target price on shares of Credo Technology Group in a research report on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $207.71.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the business’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the transaction, the chief technology officer owned 6,272,370 shares of the company’s stock, valued at $737,630,712. The trade was a 0.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction 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. This represents a 2.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 386,608 shares of company stock valued at $50,371,351. Company insiders own 11.84% of the company’s stock.

Credo Technology Group 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.