Swedbank AB Increases Stock Position in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Swedbank AB increased its stake in Credo Technology Group by 29.5% during the 1st quarter, owning approximately 3.2 million shares worth $129.3 million.
• Most analysts have given CRDO a Buy rating, with target prices from various firms ranging significantly higher, showing confidence in the company's growth potential.
• Recent insider transactions indicate a decrease in ownership for executives, with significant shares sold, while still retaining substantial holdings in the company.

Swedbank AB boosted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 29.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,219,125 shares of the company's stock after purchasing an additional 733,811 shares during the quarter. Swedbank AB owned about 1.90% of Credo Technology Group worth $129,280,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Operose Advisors LLC lifted its stake in 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 in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Credo Technology Group in the 1st quarter worth $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Credo Technology Group in the 1st quarter worth $27,000. Harbour Investments Inc. purchased a new stake in Credo Technology Group in the 1st quarter worth $29,000. Finally, Virtus Advisers LLC purchased a new stake in Credo Technology Group in the 1st quarter worth $31,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on CRDO shares. Roth Capital boosted their price target on shares of Credo Technology Group from $95.00 to $160.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Barclays boosted their target price on shares of Credo Technology Group from $85.00 to $165.00 and gave the stock an "overweight" rating in a report on Thursday, September 4th. Wall Street Zen upgraded shares of Credo Technology Group from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Mizuho boosted their target price on shares of Credo Technology Group from $135.00 to $155.00 and gave the stock an "outperform" rating in a report on Thursday, September 4th. Finally, Cowen restated a "buy" rating on shares of Credo Technology Group in a report on Thursday, September 4th. Two research analysts have rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the company. According to MarketBeat, Credo Technology Group currently has an average rating of "Buy" and an average target price of $126.27.

Insider Transactions at Credo Technology Group

In other news, Director Lip Bu Tan sold 171,473 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the transaction, the director directly owned 613,725 shares of the company's stock, valued at approximately $47,809,177.50. This trade represents a 21.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $98.53, for a total transaction of $5,419,150.00. Following the transaction, the chief technology officer directly owned 7,273,961 shares in the company, valued at approximately $716,703,377.33. This trade represents a 0.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,033,917 shares of company stock valued at $99,967,419. 11.84% of the stock is currently owned by company insiders.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $161.99 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $26.96 and a 1-year high of $168.42. The firm has a market capitalization of $28.02 billion, a P/E ratio of 241.78 and a beta of 2.59. The company's 50-day moving average is $115.91 and its 200 day moving average is $77.00.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings data on Wednesday, September 3rd. The company reported $0.34 earnings per share 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 during the quarter, compared to analysts' expectations of $190.63 million. During the same period last year, the company earned $0.04 earnings per share. The business's revenue for the quarter was up 273.6% compared to the same quarter last year. Credo Technology Group has set its Q2 2026 guidance at EPS. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share 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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