Credo Technology Group Holding Ltd. $CRDO Shares Bought by New York State Common Retirement Fund

New York State Common Retirement Fund increased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 106.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 146,134 shares of the company’s stock after purchasing an additional 75,369 shares during the quarter. New York State Common Retirement Fund owned 0.08% of Credo Technology Group worth $21,279,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in CRDO. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Credo Technology Group by 2,588.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 247,735 shares of the company’s stock worth $36,073,000 after purchasing an additional 238,519 shares during the period. Federated Hermes Inc. lifted its stake in Credo Technology Group by 217.4% during the third quarter. Federated Hermes Inc. now owns 406,837 shares of the company’s stock worth $59,240,000 after purchasing an additional 278,668 shares in the last quarter. Truist Financial Corp boosted its position in shares of Credo Technology Group by 420.5% during the third quarter. Truist Financial Corp now owns 18,452 shares of the company’s stock worth $2,687,000 after buying an additional 14,907 shares during the period. Phoenix Financial Ltd. purchased a new position in shares of Credo Technology Group during the third quarter worth $374,000. Finally, Yarger Wealth Strategies LLC acquired a new stake in shares of Credo Technology Group in the third quarter valued at $281,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CRDO has been the subject of several research reports. JPMorgan Chase & Co. assumed coverage on Credo Technology Group in a research report on Friday, October 17th. They issued an “overweight” rating and a $165.00 target price for the company. Zacks Research upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 4th. Wolfe Research set a $240.00 price objective on Credo Technology Group in a research note on Tuesday, December 2nd. TD Cowen reiterated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Finally, New Street Research set a $240.00 price target on Credo Technology Group in a report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $216.54.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, December 29th. The shares were sold at an average price of $143.41, for a total transaction of $7,887,550.00. Following the sale, the chief technology officer directly owned 6,448,961 shares in the company, valued at $924,845,497.01. This trade represents a 0.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.16, for a total value of $7,658,000.00. Following the transaction, the chief executive officer directly owned 1,892,502 shares in the company, valued at approximately $289,855,606.32. The trade was a 2.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 822,460 shares of company stock valued at $124,493,784 in the last ninety days. Insiders own 11.84% of the company’s stock.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $125.28 on Friday. The stock has a market cap of $22.63 billion, a PE ratio of 109.90 and a beta of 2.66. The stock’s fifty day moving average is $150.50 and its two-hundred day moving average is $141.83. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business’s revenue for the quarter was up 272.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.07 EPS. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

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.