PFA Pension Forsikringsaktieselskab Takes Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• PFA Pension established a new position in Credo Technology Group in Q4, buying 84,100 shares valued at about $12.19 million, and institutional investors now own roughly 80.46% of the stock.
• Significant insider selling occurred March 11, with CTO Chi Fung Cheng selling 27,500 shares (~$3.23M) and CEO William Brennan selling 50,000 shares (~$5.88M); insiders have sold 359,108 shares (~$45.45M) in the past 90 days while corporate insiders still hold about 11.84% of shares.
• Analysts give CRDO an average rating of "Moderate Buy" with an average price target of $207.71, and the company recently topped expectations with Q results of $1.07 EPS vs. $0.78 estimate and $407.0M revenue (up 201.5% YoY); shares trade near $184.38 with a market cap of $34.01B and a PE of 102.43.

PFA Pension Forsikringsaktieselskab bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 84,100 shares of the company's stock, valued at approximately $12,188,000.

A number of other large investors have also recently modified their holdings of CRDO. Atlantic Union Bankshares Corp purchased a new position in Credo Technology Group during the 3rd quarter valued at about $25,000. Crewe Advisors LLC lifted its position in Credo Technology Group by 163.1% during the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after acquiring an additional 106 shares during the period. First Horizon Corp purchased a new position in Credo Technology Group during the 3rd quarter valued at about $26,000. Flagship Harbor Advisors LLC purchased a new position in Credo Technology Group during the 4th quarter valued at about $32,000. Finally, Smallwood Wealth Investment Management LLC purchased a new position in Credo Technology Group during the 4th quarter valued at about $36,000. Institutional investors own 80.46% of the company's stock.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the transaction, the chief technology officer directly 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction dated 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 directly owned 1,782,502 shares of the company's stock, valued at $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 359,108 shares of company stock valued at $45,449,126 over the last ninety days. Corporate insiders own 11.84% of the company's stock.

Analysts Set New Price Targets

CRDO has been the subject of a number of recent research reports. Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a research report on Monday, April 13th. They set a "buy" rating and a $175.00 price target for the company. Roth Mkm lowered their price target on shares of Credo Technology Group from $250.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday, February 10th. Susquehanna lowered their price target 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. Rothschild & Co Redburn initiated coverage on shares of Credo Technology Group in a research report on Friday. They set a "buy" rating and a $206.00 price target for the company. Finally, Rosenblatt Securities lifted their price target 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. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $207.71.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $184.38 on Monday. The stock has a market capitalization of $34.01 billion, a PE ratio of 102.43 and a beta of 3.17. Credo Technology Group Holding Ltd. has a 52-week low of $45.65 and a 52-week high of $213.80. The company has a 50-day simple moving average of $125.98 and a two-hundred day simple moving average of $139.49.

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

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