Swedbank AB Has $173.51 Million Stake in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Swedbank AB reduced its holdings in Credo Technology Group by 41.8% during Q2, selling 1,345,125 shares and retaining 1,874,000 shares valued at approximately $173.5 million.
• Despite missing earnings estimates for the quarter, Credo Technology Group reported a revenue increase of 273.6% year-over-year, amounting to $223.07 million.
• Institutional and hedge fund investors control about 80.46% of Credo’s stock, with recent analysts' reports setting a target price range between $140 and $160.

Swedbank AB trimmed its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 41.8% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,874,000 shares of the company's stock after selling 1,345,125 shares during the period. Swedbank AB owned 1.09% of Credo Technology Group worth $173,514,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in the business. Alliancebernstein L.P. lifted its holdings in shares of Credo Technology Group by 6.1% during the first quarter. Alliancebernstein L.P. now owns 1,846,387 shares of the company's stock worth $74,151,000 after buying an additional 105,405 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Credo Technology Group by 63.0% during the first quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company's stock worth $61,235,000 after buying an additional 589,151 shares during the last quarter. Nuveen LLC acquired a new position in shares of Credo Technology Group during the first quarter worth approximately $52,636,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Credo Technology Group by 74.3% during the first quarter. The Manufacturers Life Insurance Company now owns 1,098,369 shares of the company's stock worth $44,110,000 after buying an additional 468,145 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Credo Technology Group by 5.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,027,989 shares of the company's stock worth $41,285,000 after buying an additional 52,054 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Price Performance

Shares of CRDO stock traded down $2.75 during trading hours on Friday, hitting $169.56. 12,620,966 shares of the company's stock were exchanged, compared to its average volume of 5,337,945. The stock's 50-day moving average is $123.01 and its 200-day moving average is $81.11. The stock has a market cap of $29.33 billion, a price-to-earnings ratio of 253.07 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 52 week low of $28.31 and a 52 week high of $176.70.

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

Insider Activity

In other news, CEO William Joseph Brennan sold 150,000 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $106.87, for a total transaction of $16,030,500.00. Following the transaction, the chief executive officer owned 2,061,978 shares of the company's stock, valued at $220,363,588.86. This represents a 6.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lip Bu Tan sold 80,000 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $90.77, for a total value of $7,261,600.00. Following the transaction, the director directly owned 479,428 shares in the company, valued at $43,517,679.56. This trade represents a 14.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 871,163 shares of company stock valued at $97,342,803 over the last 90 days. 11.84% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Susquehanna upped their price target on Credo Technology Group from $115.00 to $165.00 and gave the stock a "positive" rating in a report on Thursday, September 4th. Zacks Research upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, September 8th. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Thursday, September 4th. William Blair started coverage on Credo Technology Group in a report on Thursday. They set an "outperform" rating for the company. Finally, Stifel Nicolaus set a $155.00 target price on Credo Technology Group in a research note on Thursday, September 4th. Two equities research analysts have rated the stock with a Strong Buy rating and thirteen have assigned a Buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $126.27.

About Credo Technology Group

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.