Swiss National Bank Sells 2,200 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Swiss National Bank reduced its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 0.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 275,416 shares of the company’s stock after selling 2,200 shares during the quarter. Swiss National Bank owned about 0.16% of Credo Technology Group worth $11,061,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. bought a new position in Credo Technology Group in the 1st quarter valued at about $27,000. Harbour Investments Inc. bought a new position in Credo Technology Group in the 1st quarter valued at about $29,000. Optimum Investment Advisors bought a new position in Credo Technology Group in the 1st quarter valued at about $52,000. Larson Financial Group LLC grew its position in shares of Credo Technology Group by 21.5% during the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company’s stock worth $56,000 after purchasing an additional 245 shares in the last quarter. Finally, Quarry LP acquired a new position in shares of Credo Technology Group during the 4th quarter worth approximately $58,000. 80.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Susquehanna increased their target price on shares of Credo Technology Group from $90.00 to $115.00 and gave the stock a “positive” rating in a research report on Tuesday, July 22nd. Noble Financial upgraded shares of Credo Technology Group to a “strong-buy” rating in a research report on Tuesday, June 3rd. Needham & Company LLC increased their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday, June 3rd. Barclays set a $85.00 target price on shares of Credo Technology Group and gave the stock an “overweight” rating in a research report on Tuesday, June 3rd. Finally, Roth Capital set a $95.00 target price on Credo Technology Group and gave the stock a “buy” rating in a research note on Friday, June 13th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of “Buy” and an average target price of $91.27.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $97.29, for a total value of $368,729.10. Following the completion of the sale, the chief financial officer directly owned 582,428 shares in the company, valued at $56,664,420.12. This represents a 0.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 46,444 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $106.87, for a total value of $4,963,470.28. Following the completion of the sale, the chief executive officer owned 393,338 shares of the company’s stock, valued at $42,036,032.06. The trade was a 10.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,274,583 shares of company stock valued at $113,118,257. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $116.74 on Friday. The company has a fifty day moving average of $97.71 and a 200-day moving average of $68.84. The company has a market capitalization of $20.04 billion, a PE ratio of 432.37, a price-to-earnings-growth ratio of 2.11 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 52-week low of $24.08 and a 52-week high of $128.56.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The company had revenue of $170.00 million during the quarter, compared to the consensus estimate of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company’s revenue for the quarter was up 179.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.07 earnings per share. On average, equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Credo Technology Group 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.