Handelsbanken Fonder AB Buys Shares of 17,400 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Handelsbanken Fonder AB acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 17,400 shares of the company’s stock, valued at approximately $339,000.

Other institutional investors have also made changes to their positions in the company. Calamos Advisors LLC increased its stake in Credo Technology Group by 77.2% during the fourth quarter. Calamos Advisors LLC now owns 199,927 shares of the company’s stock worth $3,893,000 after purchasing an additional 87,123 shares during the period. Strs Ohio lifted its holdings in Credo Technology Group by 12.7% during the 4th quarter. Strs Ohio now owns 26,700 shares of the company’s stock worth $519,000 after buying an additional 3,000 shares in the last quarter. Carnegie Capital Asset Management LLC boosted its position in Credo Technology Group by 19.4% in the 4th quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock valued at $5,714,000 after buying an additional 47,650 shares during the period. Moody Aldrich Partners LLC grew its stake in shares of Credo Technology Group by 67.8% in the fourth quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock worth $3,947,000 after acquiring an additional 81,904 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Credo Technology Group during the fourth quarter worth $4,361,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Stock Up 0.3 %

Shares of CRDO opened at $17.30 on Friday. The company has a market capitalization of $2.82 billion, a price-to-earnings ratio of -75.22 and a beta of 2.03. Credo Technology Group Holding Ltd has a 52-week low of $7.20 and a 52-week high of $23.90. The stock has a 50 day moving average price of $20.47 and a 200 day moving average price of $19.28.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.01. The business had revenue of $53.06 million during the quarter, compared to the consensus estimate of $51.91 million. Credo Technology Group had a negative return on equity of 7.82% and a negative net margin of 20.59%. The business’s quarterly revenue was down 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.02 EPS. On average, equities analysts anticipate that Credo Technology Group Holding Ltd will post -0.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on CRDO. TD Cowen lifted their target price on Credo Technology Group from $20.00 to $24.00 and gave the company a “market perform” rating in a report on Wednesday, February 28th. Needham & Company LLC boosted their price objective on Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, February 28th. Craig Hallum raised their target price on shares of Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 15th. The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Finally, Mizuho restated a “buy” rating and issued a $30.00 price objective (up from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and an average target price of $24.25.

Insiders Place Their Bets

In related news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $22.39, for a total value of $335,850.00. Following the transaction, the chief executive officer now directly owns 3,112,500 shares in the company, valued at approximately $69,688,875. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, COO Yat Tung Lam sold 130,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, February 5th. The shares were sold at an average price of $21.33, for a total transaction of $2,772,900.00. Following the completion of the sale, the chief operating officer now directly owns 2,270,000 shares in the company, valued at approximately $48,419,100. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 15,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $22.39, for a total value of $335,850.00. Following the completion of the sale, the chief executive officer now owns 3,112,500 shares in the company, valued at approximately $69,688,875. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,706,335 shares of company stock valued at $37,523,684. Insiders own 23.89% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.