28,094 Shares in Credo Technology Group Holding Ltd. $CRDO Purchased by Baader Bank Aktiengesellschaft

Key Points

• Baader Bank Aktiengesellschaft disclosed a new fourth-quarter position in Credo Technology Group, buying 28,094 shares worth about $4.0 million.
• Institutional interest remains high, with hedge funds and other investors owning 80.46% of CRDO, while several firms recently increased their stakes.
• Credo posted a strong quarter with EPS of $1.07 and revenue of $407.01 million, both beating estimates, but analysts now have a consensus rating of Moderate Buy with an average price target of $207.71.

Baader Bank Aktiengesellschaft acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 28,094 shares of the company's stock, valued at approximately $4,042,000.

Other large investors have also added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Credo Technology Group by 9.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company's stock worth $39,004,000 after purchasing an additional 23,332 shares in the last quarter. Optimize Financial Inc purchased a new position in shares of Credo Technology Group in the third quarter worth about $1,431,000. Estate Counselors LLC purchased a new position in shares of Credo Technology Group in the third quarter worth about $2,548,000. Global Trust Asset Management LLC purchased a new position in shares of Credo Technology Group in the third quarter worth about $2,167,000. Finally, FengHe Fund Management Pte. Ltd. increased its stake in shares of Credo Technology Group by 5.7% in the fourth quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company's stock worth $23,349,000 after purchasing an additional 8,769 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on CRDO shares. Susquehanna cut their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a "positive" rating for the company in a research report on Tuesday, March 3rd. Barclays restated an "overweight" rating and issued a $260.00 price objective on shares of Credo Technology Group in a research report on Thursday, January 15th. Rothschild & Co Redburn started coverage on shares of Credo Technology Group in a research report on Friday, May 1st. They issued a "buy" rating and a $206.00 price objective for the company. Craig Hallum restated a "buy" rating and issued a $200.00 price objective on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Finally, Needham & Company LLC restated a "buy" rating and issued a $220.00 price objective on shares of Credo Technology Group in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Credo Technology Group has a consensus rating of "Moderate Buy" and an average price target of $207.71.

Credo Technology Group Price Performance

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 stock has a market cap of $34.93 billion, a PE ratio of 105.20 and a beta of 3.17. The firm has a 50 day simple moving average of $136.65 and a two-hundred day simple moving average of $142.10.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business had revenue of $407.01 million during the quarter, compared to analysts' expectations of $385.94 million. During the same quarter in the previous year, the company earned $0.25 EPS. The business's quarterly revenue was up 201.5% compared to the same quarter last year. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current fiscal year.

Insider Buying and Selling

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total value of $5,884,000.00. Following the completion of the transaction, the chief executive officer owned 1,782,502 shares of the company's stock, valued at $209,764,835.36. The trade was a 2.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the sale, the chief technology officer owned 6,272,370 shares of the company's stock, valued at approximately $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 386,608 shares of company stock valued at $50,371,351. Corporate 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.

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