Swiss National Bank Boosts Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Swiss National Bank raised its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 1.3% during the fourth quarter, Holdings Channel reports. The fund owned 277,616 shares of the company’s stock after acquiring an additional 3,500 shares during the period. Swiss National Bank’s holdings in Credo Technology Group were worth $18,659,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the period. Point72 Asset Management L.P. lifted its holdings in Credo Technology Group by 73.6% in 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 acquiring an additional 1,660,230 shares during the period. Swedbank AB lifted its holdings in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the period. Geode Capital Management LLC lifted its holdings in Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after acquiring an additional 170,412 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares during the period. Institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $72.61, for a total transaction of $275,191.90. Following the completion of the sale, the chief financial officer now directly owns 638,564 shares of the company’s stock, valued at approximately $46,366,132.04. This trade represents a 0.59 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total value of $6,113,000.00. Following the sale, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at $61,130,000. This represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,186,706 shares of company stock worth $82,430,478 in the last quarter. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Trading Down 6.3 %

NASDAQ:CRDO opened at $44.07 on Wednesday. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $86.69. The stock has a 50-day moving average price of $65.02 and a 200 day moving average price of $52.92. The stock has a market capitalization of $7.48 billion, a P/E ratio of -293.80 and a beta of 2.16.

Wall Street Analysts Forecast Growth

CRDO has been the topic of a number of recent research reports. Mizuho increased their target price on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. TD Cowen raised their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Bank of America decreased their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Finally, Craig Hallum raised their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $74.90.

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.