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

Swiss National Bank boosted its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating) by 209.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 211,016 shares of the company’s stock after acquiring an additional 142,816 shares during the period. Swiss National Bank’s holdings in Credo Technology Group were worth $2,809,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. raised its stake in Credo Technology Group by 255.4% during the third quarter. BlackRock Inc. now owns 12,750,435 shares of the company’s stock valued at $140,255,000 after purchasing an additional 9,162,371 shares in the last quarter. Capital Research Global Investors bought a new position in Credo Technology Group during the first quarter valued at $125,306,000. Vanguard Group Inc. increased its position in Credo Technology Group by 263.1% during the third quarter. Vanguard Group Inc. now owns 6,940,826 shares of the company’s stock valued at $76,349,000 after acquiring an additional 5,029,051 shares during the last quarter. Point72 Asset Management L.P. increased its position in Credo Technology Group by 120.6% during the third quarter. Point72 Asset Management L.P. now owns 3,974,443 shares of the company’s stock valued at $43,719,000 after acquiring an additional 2,172,475 shares during the last quarter. Finally, State Street Corp increased its position in Credo Technology Group by 712.7% during the third quarter. State Street Corp now owns 2,955,370 shares of the company’s stock valued at $32,509,000 after acquiring an additional 2,591,741 shares during the last quarter. Hedge funds and other institutional investors own 40.46% of the company’s stock.

Analysts Set New Price Targets

CRDO has been the topic of a number of analyst reports. Stifel Nicolaus cut their price objective on shares of Credo Technology Group from $19.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, February 15th. The Goldman Sachs Group cut their price target on shares of Credo Technology Group from $19.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, February 15th. Roth Mkm cut their price target on shares of Credo Technology Group from $20.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, February 15th. BNP Paribas began coverage on shares of Credo Technology Group in a report on Tuesday, February 28th. They issued an “outperform” rating and a $13.00 price target on the stock. Finally, Bank of America cut shares of Credo Technology Group from a “buy” rating to an “underperform” rating and cut their price target for the stock from $18.00 to $12.00 in a report on Wednesday, February 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $13.33.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $11.03 on Wednesday. Credo Technology Group Holding Ltd has a 1-year low of $7.20 and a 1-year high of $19.46. The company has a 50-day moving average of $8.66 and a 200 day moving average of $12.01. The firm has a market cap of $1.64 billion, a PE ratio of -275.75 and a beta of 1.86.

Credo Technology Group (NASDAQ:CRDO – Get Rating) last released its quarterly earnings data on Wednesday, March 1st. The company reported $0.02 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.01. Credo Technology Group had a negative net margin of 3.15% and a positive return on equity of 2.80%. The company had revenue of $54.27 million during the quarter, compared to analyst estimates of $52.00 million. Sell-side analysts anticipate that Credo Technology Group Holding Ltd will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 2,590 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $10.42, for a total value of $26,987.80. Following the sale, the chief operating officer now directly owns 3,126,298 shares in the company, valued at approximately $32,576,025.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Yat Tung Lam sold 2,590 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $10.42, for a total value of $26,987.80. Following the sale, the chief operating officer now directly owns 3,126,298 shares in the company, valued at approximately $32,576,025.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 40,000 shares of the firm’s stock in a transaction dated Friday, February 24th. The shares were sold at an average price of $10.50, for a total transaction of $420,000.00. Following the completion of the sale, the chief technology officer now owns 640,000 shares in the company, valued at $6,720,000. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 76,073 shares of company stock valued at $784,391. 34.20% of the stock is currently owned by insiders.

About Credo Technology Group

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Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.