Credo Technology Group Holding Ltd. $CRDO Shares Acquired by Danske Bank A S

Key Points

• Danske Bank A S increased its stake in Credo by 87% in Q4, buying 25,874 shares to hold 55,600 shares valued at about $8.0 million.
• Credo beat expectations with $1.07 EPS vs. $0.78 estimate and reported $407.01 million in revenue (vs. $385.94M est.), with revenue up 201.5% year‑over‑year and a 31.81% net margin.
• Insiders sold 359,108 shares worth $45.45 million in the last 90 days (including the CEO’s 50,000‑share sale and the CTO’s 27,500‑share sale), while insiders still own 11.84% of the company.

Danske Bank A S increased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 87.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 55,600 shares of the company's stock after buying an additional 25,874 shares during the quarter. Danske Bank A S's holdings in Credo Technology Group were worth $8,000,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the stock. Vanguard Group Inc. grew 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 purchasing an additional 59,849 shares in the last quarter. JPMorgan Chase & Co. grew 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 purchasing an additional 1,190,522 shares in the last quarter. Alliancebernstein L.P. grew 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 purchasing an additional 1,218,504 shares in the last quarter. Bank of America Corp DE grew 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 purchasing an additional 1,406,752 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in Credo Technology Group by 47.8% during the 3rd quarter. Wellington Management Group LLP now owns 1,624,690 shares of the company's stock valued at $236,571,000 after purchasing an additional 525,585 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Trading Down 2.3%

Shares of CRDO opened at $180.06 on Tuesday. Credo Technology Group Holding Ltd. has a 52 week low of $45.65 and a 52 week high of $213.80. The stock has a 50 day moving average of $125.98 and a 200-day moving average of $139.49. The firm has a market cap of $33.21 billion, a price-to-earnings ratio of 100.03 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $385.94 million. During the same period in the previous year, the business posted $0.25 EPS. The company's quarterly revenue was up 201.5% on a year-over-year basis. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO William Joseph Brennan sold 50,000 shares of the business's stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, 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. The trade was a 2.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 27,500 shares of the business'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 directly owned 6,272,370 shares of the company's stock, valued at $737,630,712. The trade was a 0.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 359,108 shares of company stock valued at $45,449,126 in the last 90 days. Insiders own 11.84% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CRDO. Jefferies Financial Group began coverage on Credo Technology Group in a research note on Monday, April 13th. They set a "buy" rating and a $175.00 price objective for the company. Susquehanna lowered their price objective on Credo Technology Group from $230.00 to $170.00 and set a "positive" rating for the company in a research note on Tuesday, March 3rd. Mizuho lowered their price objective on Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, March 3rd. The Goldman Sachs Group raised their price objective on Credo Technology Group from $150.00 to $170.00 and gave the company a "buy" rating in a research note on Thursday, April 16th. Finally, Zacks Research lowered shares of Credo Technology Group from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. One 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 stock. According to MarketBeat, Credo Technology Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $207.71.

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.

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