Credo Technology Group Holding Ltd. $CRDO Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas cut its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 14.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,895 shares of the company’s stock after selling 6,751 shares during the period. Teacher Retirement System of Texas’ holdings in Credo Technology Group were worth $5,955,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. NewEdge Advisors LLC boosted its stake in shares of Credo Technology Group by 128.4% during the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock valued at $284,000 after acquiring an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Credo Technology Group by 63.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock worth $61,235,000 after purchasing an additional 589,151 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Credo Technology Group by 2.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after buying an additional 7,107 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Credo Technology Group by 850.6% in the second quarter. Farther Finance Advisors LLC now owns 4,135 shares of the company’s stock valued at $383,000 after buying an additional 3,700 shares during the last quarter. Finally, Park Avenue Securities LLC purchased a new position in shares of Credo Technology Group during the second quarter valued at approximately $258,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CRDO has been the subject of several analyst reports. JPMorgan Chase & Co. started coverage on Credo Technology Group in a report on Friday, October 17th. They issued an “overweight” rating and a $165.00 price target for the company. Bank of America upped their target price on Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research note on Tuesday, December 2nd. Rosenblatt Securities began coverage on Credo Technology Group in a research note on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 price target on the stock. Stifel Nicolaus set a $160.00 price target on Credo Technology Group in a report on Wednesday, October 1st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a report on Monday, December 29th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $216.54.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $128.02 on Tuesday. The firm has a market capitalization of $23.12 billion, a PE ratio of 112.30 and a beta of 2.66. Credo Technology Group Holding Ltd. has a 12 month low of $29.09 and a 12 month high of $213.80. The business has a 50-day moving average of $151.21 and a two-hundred day moving average of $141.32.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business had revenue of $268.03 million during the quarter, compared to analysts’ expectations of $234.99 million. During the same quarter in the previous year, the business earned $0.07 EPS. The company’s revenue for the quarter was up 272.1% on a year-over-year basis. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 30,000 shares of the firm’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $136.33, for a total value of $4,089,900.00. Following the transaction, the chief technology officer owned 6,327,370 shares of the company’s stock, valued at approximately $862,610,352.10. This trade represents a 0.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO William Joseph Brennan sold 9,476 shares of Credo Technology Group stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $139.54, for a total transaction of $1,322,281.04. Following the transaction, the chief executive officer owned 270,641 shares in the company, valued at $37,765,245.14. The trade was a 3.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 970,476 shares of company stock worth $149,681,763 over the last three months. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Company Profile

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.