SEB Asset Management AB Takes Position in Credo Technology Group Holding Ltd. $CRDO

SEB Asset Management AB purchased a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 163,608 shares of the company’s stock, valued at approximately $15,358,000. SEB Asset Management AB owned about 0.09% of Credo Technology Group as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Crewe Advisors LLC grew its stake in shares of Credo Technology Group by 163.1% in 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. Reflection Asset Management acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $25,000. Acumen Wealth Advisors LLC purchased a new position in Credo Technology Group in the 4th quarter valued at $25,000. Flagship Harbor Advisors LLC acquired a new position in Credo Technology Group in the 4th quarter valued at $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in shares of Credo Technology Group in the 4th quarter worth $36,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on CRDO. Mizuho increased their price target on shares of Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a report on Tuesday, June 2nd. Weiss Ratings upgraded shares of Credo Technology Group from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, May 26th. Jefferies Financial Group lifted their price target on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Finally, Roth Capital boosted their target price on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and a consensus target price of $265.33.

Credo Technology Group Stock Performance

Shares of CRDO opened at $212.07 on Tuesday. The company’s 50 day simple moving average is $232.14 and its 200 day simple moving average is $167.76. The company has a market capitalization of $39.55 billion, a price-to-earnings ratio of 85.51, a PEG ratio of 0.93 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the previous year, the business earned $0.20 earnings per share. The business’s revenue for the quarter was up 157.0% on a year-over-year basis. Equities analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 54,984 shares of the stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the transaction, the chief executive officer owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This trade represents a 13.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer owned 501,873 shares of the company’s stock, valued at approximately $125,207,276.04. The trade was a 7.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 329,662 shares of company stock valued at $76,068,196. Insiders own 11.84% of the company’s stock.

Credo Technology Group Company 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.