Swiss National Bank Buys 9,900 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• Swiss National Bank increased its stake in Credo Technology Group by 3.4%, buying an additional 9,900 shares to hold 301,916 shares (about 0.17% of the company) valued at roughly $43.96 million.
• Credo reported a strong quarter with $1.07 EPS versus $0.78 expected and revenue of $407.01M (beating $385.94M), with revenue up 201.5% year‑over‑year; the stock has a market cap of $20.58B and a trailing P/E of 61.98.
• Insiders have been net sellers—423,085 shares sold (~$59.5M) in the past three months—while institutional ownership is high at 80.46%; analysts maintain a consensus "Buy" rating with a $206.33 price target.

Swiss National Bank boosted its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 3.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 301,916 shares of the company's stock after buying an additional 9,900 shares during the quarter. Swiss National Bank owned approximately 0.17% of Credo Technology Group worth $43,962,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Savant Capital LLC raised its holdings in shares of Credo Technology Group by 0.7% in the third quarter. Savant Capital LLC now owns 9,914 shares of the company's stock valued at $1,444,000 after purchasing an additional 68 shares during the last quarter. Illinois Municipal Retirement Fund lifted its position in shares of Credo Technology Group by 0.6% during the third quarter. Illinois Municipal Retirement Fund now owns 15,783 shares of the company's stock valued at $2,298,000 after purchasing an additional 91 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Credo Technology Group by 18.0% during the third quarter. Versant Capital Management Inc now owns 663 shares of the company's stock worth $97,000 after purchasing an additional 101 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Credo Technology Group by 6.7% during the third quarter. GAMMA Investing LLC now owns 1,891 shares of the company's stock worth $275,000 after purchasing an additional 118 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Credo Technology Group by 28.3% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 643 shares of the company's stock worth $94,000 after purchasing an additional 142 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Trading Down 3.7%

Credo Technology Group stock opened at $111.57 on Friday. The firm has a 50 day simple moving average of $127.26 and a 200 day simple moving average of $143.02. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80. The firm has a market capitalization of $20.58 billion, a price-to-earnings ratio of 61.98 and a beta of 2.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, March 2nd. The company reported $1.07 EPS for the quarter, topping analysts' consensus estimates of $0.78 by $0.29. The firm had revenue of $407.01 million during the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a return on equity of 29.63% and a net margin of 31.81%.The business's revenue for the quarter was up 201.5% on a year-over-year basis. During the same period last year, the company earned $0.25 earnings per share. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented on CRDO. Barclays reiterated an "overweight" rating and issued a $260.00 price objective on shares of Credo Technology Group in a research note on Thursday, January 15th. Mizuho reduced their target price on Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday, March 3rd. KGI Securities raised Credo Technology Group from a "hold" rating to an "outperform" rating and set a $230.00 price target for the company in a research report on Tuesday, December 2nd. Weiss Ratings reiterated a "hold (c)" rating on shares of Credo Technology Group in a report on Monday, December 29th. Finally, Roth Mkm reduced their price objective on Credo Technology Group from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, February 10th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of "Buy" and a consensus price target of $206.33.

Insider Buying and Selling at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,902 shares of the company's stock in a transaction dated Thursday, January 8th. The stock was sold at an average price of $140.15, for a total transaction of $546,865.30. Following the sale, the chief financial officer directly owned 446,178 shares in the company, valued at $62,531,846.70. This represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO William Joseph Brennan sold 18,016 shares of the stock in a transaction dated Thursday, January 29th. The stock was sold at an average price of $127.69, for a total transaction of $2,300,463.04. Following the completion of the sale, the chief executive officer directly owned 252,625 shares in the company, valued at approximately $32,257,686.25. The trade was a 6.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 423,085 shares of company stock worth $59,514,322 in the last three months. 11.84% of the stock is currently owned by corporate insiders.

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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