KLP Kapitalforvaltning AS Grows Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• KLP Kapitalforvaltning AS increased its holdings in Credo Technology Group by 14.1%, owning 31,600 shares valued at approximately $2.93 million.
• Insider transactions saw significant sales, with COO Yat Tung Lam selling 80,000 shares for over $11.4 million, reflecting an 8% decrease in their position.
• Analysts maintain a strong outlook with a consensus rating of "Buy" and a target price averaging around $128.55, despite a recent 8.2% decline in stock value.

KLP Kapitalforvaltning AS raised its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 14.1% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,600 shares of the company's stock after purchasing an additional 3,900 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Credo Technology Group were worth $2,926,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Wolff Wiese Magana LLC raised its holdings in shares of Credo Technology Group by 200.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 450 shares of the company's stock worth $42,000 after purchasing an additional 300 shares during the period. Operose Advisors LLC raised its holdings in shares of Credo Technology Group by 69.2% in the 1st quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after purchasing an additional 252 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Credo Technology Group in the 1st quarter worth about $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Credo Technology Group in the 1st quarter worth about $27,000. Finally, Signaturefd LLC raised its holdings in shares of Credo Technology Group by 32.4% in the 2nd quarter. Signaturefd LLC now owns 703 shares of the company's stock worth $65,000 after purchasing an additional 172 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on CRDO shares. Barclays reiterated an "overweight" rating and issued a $165.00 target price on shares of Credo Technology Group in a research note on Tuesday, October 7th. Needham & Company LLC increased their target price on Credo Technology Group from $85.00 to $150.00 and gave the company a "buy" rating in a research note on Thursday, September 4th. Roth Capital reiterated a "buy" rating and issued a $170.00 target price on shares of Credo Technology Group in a research note on Tuesday, September 30th. Susquehanna increased their target price on Credo Technology Group from $115.00 to $165.00 and gave the company a "positive" rating in a research note on Thursday, September 4th. Finally, William Blair started coverage on Credo Technology Group in a research note on Thursday, September 18th. They issued an "outperform" rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $128.55.

Insider Transactions at Credo Technology Group

In related news, COO Yat Tung Lam sold 80,000 shares of the firm's stock in a transaction that occurred on Wednesday, October 1st. The stock was sold at an average price of $143.53, for a total value of $11,482,400.00. Following the sale, the chief operating officer owned 920,000 shares of the company's stock, valued at approximately $132,047,600. This trade represents a 8.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 112,580 shares of the firm's stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $138.20, for a total value of $15,558,556.00. Following the completion of the sale, the chief financial officer directly owned 458,678 shares in the company, valued at approximately $63,389,299.60. This trade represents a 19.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 997,181 shares of company stock worth $131,069,480. 11.84% of the stock is currently owned by corporate insiders.

Credo Technology Group Stock Down 8.2%

NASDAQ:CRDO opened at $138.83 on Friday. The business's 50 day moving average is $136.63 and its two-hundred day moving average is $91.74. Credo Technology Group Holding Ltd. has a 52 week low of $29.09 and a 52 week high of $176.70. The company has a market cap of $24.02 billion, a PE ratio of 207.21 and a beta of 2.60.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Wednesday, September 3rd. The company reported $0.34 EPS for the quarter, missing analysts' consensus estimates of $0.36 by ($0.02). Credo Technology Group had a return on equity of 19.02% and a net margin of 20.85%.The firm had revenue of $223.07 million for the quarter, compared to the consensus estimate of $190.63 million. During the same period in the prior year, the business earned $0.04 EPS. The company's quarterly revenue was up 273.6% on a year-over-year basis. Credo Technology Group has set its Q2 2026 guidance at EPS. As a group, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.

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