Credo Technology Group Holding Ltd. $CRDO Shares Bought by DNB Asset Management AS

Key Points

• DNB Asset Management AS more than doubled its stake in Credo Technology Group in the fourth quarter, ending with 30,057 shares valued at about $4.33 million.
• Insiders have been selling shares, including CEO William Joseph Brennan and CTO Chi Fung Cheng; over the last 90 days, insiders sold 386,608 shares worth about $50.4 million.
• Credo Technology Group reported strong quarterly results, with EPS of $1.07 beating estimates and revenue rising 201.5% year over year to $407.01 million, while analysts maintain a Moderate Buy consensus with a $207.71 target price.

DNB Asset Management AS grew its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 102.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 30,057 shares of the company's stock after acquiring an additional 15,239 shares during the period. DNB Asset Management AS's holdings in Credo Technology Group were worth $4,325,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. AMJ Financial Wealth Management acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at approximately $5,840,000. Convergence Investment Partners LLC lifted its position in shares of Credo Technology Group by 2.8% during the 4th quarter. Convergence Investment Partners LLC now owns 17,863 shares of the company's stock valued at $2,570,000 after acquiring an additional 494 shares during the period. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at approximately $1,263,000. Baader Bank Aktiengesellschaft acquired a new stake in shares of Credo Technology Group during the 4th quarter valued at approximately $4,042,000. Finally, Moneco Advisors LLC lifted its position in shares of Credo Technology Group by 22.7% during the 4th quarter. Moneco Advisors LLC now owns 3,271 shares of the company's stock valued at $471,000 after acquiring an additional 606 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO William Joseph Brennan sold 6,149 shares of the firm's stock in a transaction on Sunday, April 5th. The stock was sold at an average price of $101.45, for a total transaction of $623,816.05. Following the sale, the chief executive officer owned 222,311 shares in the company, valued at $22,553,450.95. This trade represents a 2.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the firm's stock in a transaction on Friday, May 1st. The stock was sold at an average price of $178.99, for a total value of $4,922,225.00. Following the sale, the chief technology officer owned 6,024,870 shares in the company, valued at $1,078,391,481.30. This trade represents a 0.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 386,608 shares of company stock worth $50,371,351 over the last ninety days. Company insiders own 11.84% of the company's stock.

Credo Technology Group Price Performance

Shares of CRDO opened at $168.99 on Wednesday. The firm has a 50 day simple moving average of $141.80 and a 200-day simple moving average of $142.37. Credo Technology Group Holding Ltd. has a 1-year low of $59.00 and a 1-year high of $213.80. The stock has a market cap of $31.17 billion, a price-to-earnings ratio of 93.88 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping 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 firm had revenue of $407.01 million during the quarter, compared to analysts' expectations of $385.94 million. During the same period in the previous year, the company earned $0.25 EPS. Credo Technology Group's revenue for the quarter was up 201.5% on a year-over-year basis. On average, equities analysts expect that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on CRDO. Stifel Nicolaus set a $200.00 price target on shares of Credo Technology Group in a research report on Tuesday, March 3rd. Needham & Company LLC reissued a "buy" rating and set a $220.00 price objective on shares of Credo Technology Group in a research note on Wednesday, April 15th. Craig Hallum reissued a "buy" rating and set a $200.00 price objective on shares of Credo Technology Group in a research note on Tuesday, March 3rd. Jefferies Financial Group assumed coverage on shares of 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. Finally, The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $150.00 to $170.00 and gave the stock a "buy" rating in a research note on Thursday, April 16th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $207.71.

About Credo Technology Group

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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