SEB Asset Management AB Makes New $15.36 Million Investment in Credo Technology Group Holding Ltd. $CRDO

SEB Asset Management AB purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 1st quarter, HoldingsChannel.com reports. The fund purchased 163,608 shares of the company’s stock, valued at approximately $15,358,000.

A number of other institutional investors also recently made changes to their positions in CRDO. NewEdge Advisors LLC grew its holdings in Credo Technology Group by 128.4% during the 1st quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after acquiring an additional 3,972 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after purchasing an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after purchasing an additional 7,107 shares during the period. CW Advisors LLC acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at about $288,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock worth $46,000 after acquiring an additional 333 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In other news, Director Sylvia Acevedo sold 2,208 shares of Credo Technology Group stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $211.00, for a total transaction of $465,888.00. Following the completion of the sale, the director directly owned 16,337 shares in the company, valued at $3,447,107. The trade was a 11.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 3,790 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $258.71, for a total value of $980,510.90. Following the completion of the sale, the chief technology officer directly owned 140,358 shares of the company’s stock, valued at approximately $36,312,018.18. The trade was a 2.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 329,662 shares of company stock valued at $76,068,196 over the last 90 days. Company insiders own 11.84% of the company’s stock.

Wall Street Analyst Weigh In

CRDO has been the topic of several analyst reports. Roth Capital increased 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. JPMorgan Chase & Co. boosted their price target on Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 2nd. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 19th. Rothschild & Co Redburn initiated coverage on Credo Technology Group in a report on Friday, May 1st. They set a “buy” rating and a $206.00 target price on the stock. Finally, Mizuho upped their price objective on Credo Technology Group from $260.00 to $290.00 and gave the company an “outperform” rating in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Buy” and an average price target of $265.33.

Credo Technology Group Stock Up 4.6%

Shares of NASDAQ:CRDO opened at $212.07 on Tuesday. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The company has a market cap of $39.55 billion, a P/E ratio of 85.51, a price-to-earnings-growth ratio of 0.93 and a beta of 3.20. The company’s fifty day moving average is $232.14 and its two-hundred day moving average is $167.76.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, June 1st. The company reported $1.16 earnings per share 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 company had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. During the same quarter in the prior year, the company earned $0.20 EPS. The firm’s quarterly revenue was up 157.0% on a year-over-year basis. Equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

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.