Baader Bank Aktiengesellschaft Purchases New Stake in Credo Technology Group Holding Ltd. $CRDO

Baader Bank Aktiengesellschaft purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 28,094 shares of the company’s stock, valued at approximately $4,042,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Credo Technology Group by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company’s stock valued at $2,386,449,000 after buying an additional 59,849 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Credo Technology Group by 18.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company’s stock valued at $1,121,118,000 after buying an additional 1,190,522 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after buying an additional 1,218,504 shares during the last quarter. Bank of America Corp DE raised its holdings in Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock valued at $331,710,000 after buying an additional 1,406,752 shares during the last quarter. Finally, Swedbank AB raised its holdings in Credo Technology Group by 47.1% during the 4th quarter. Swedbank AB now owns 2,062,779 shares of the company’s stock valued at $296,813,000 after buying an additional 660,679 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of the company’s stock in a transaction dated 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 transaction, the chief technology officer owned 6,272,370 shares in the company, valued at approximately $737,630,712. This represents a 0.44% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 1,782,502 shares in the company, valued at $209,764,835.36. This trade represents a 2.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 386,608 shares of company stock worth $50,371,351 in the last 90 days. Company insiders own 11.84% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on CRDO. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, April 24th. Mizuho lowered their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, March 3rd. Jefferies Financial Group began coverage on shares of Credo Technology Group in a report on Monday, April 13th. They set a “buy” rating and a $175.00 price target for the company. Rosenblatt Securities boosted 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. Finally, Barclays reissued an “overweight” rating and set a $260.00 price objective on shares of Credo Technology Group in a research report on Thursday, January 15th. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $207.71.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $189.36 on Thursday. Credo Technology Group Holding Ltd. has a one year low of $57.21 and a one year high of $213.80. The company’s 50-day moving average is $136.65 and its 200 day moving average is $142.10. The company has a market capitalization of $34.93 billion, a price-to-earnings ratio of 105.20 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings data on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.78 by $0.29. The company had revenue of $407.01 million for the quarter, compared to the consensus estimate of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. Credo Technology Group’s revenue for the quarter was up 201.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.25 EPS. As a group, research analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal 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.