VIRGINIA RETIREMENT SYSTEMS ET Al trimmed its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) by 12.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 41,201 shares of the company’s stock after selling 5,600 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Credo Technology Group were worth $8,026,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Bank of America Corp DE raised its holdings in shares of Credo Technology Group by 13.7% in the 2nd quarter. Bank of America Corp DE now owns 2,182,764 shares of the company’s stock worth $593,603,000 after acquiring an additional 262,479 shares during the last quarter. Atreides Management LP lifted its position in Credo Technology Group by 3.5% in the 2nd quarter. Atreides Management LP now owns 1,129,285 shares of the company’s stock valued at $307,109,000 after acquiring an additional 38,052 shares in the last quarter. The Manufacturers Life Insurance Company boosted its stake in Credo Technology Group by 192.1% during the 1st quarter. The Manufacturers Life Insurance Company now owns 1,047,084 shares of the company’s stock valued at $98,290,000 after purchasing an additional 688,596 shares during the last quarter. H&H International Investment LLC boosted its stake in Credo Technology Group by 431.6% during the 1st quarter. H&H International Investment LLC now owns 751,200 shares of the company’s stock valued at $70,515,000 after purchasing an additional 609,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Credo Technology Group by 0.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 703,122 shares of the company’s stock worth $65,949,000 after purchasing an additional 3,501 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several analysts have recently commented on CRDO shares. JPMorgan Chase & Co. lowered their price objective on Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research note on Wednesday, September 2nd. Stifel Nicolaus cut their target price on Credo Technology Group from $350.00 to $310.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Wall Street Zen downgraded Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Weiss Ratings lowered Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, October 6th. Finally, Bank of America dropped their price objective on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research note on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $262.67.
Check Out Our Latest Research Report on CRDO
Credo Technology Group Stock Down 8.7%
Shares of NASDAQ CRDO opened at $150.99 on Friday. The company has a market capitalization of $28.38 billion, a PE ratio of 53.73, a PEG ratio of 0.60 and a beta of 3.25. The stock’s 50 day moving average price is $188.40 and its 200-day moving average price is $180.84. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67.
Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The company had revenue of $479.00 million for the quarter, compared to the consensus estimate of $473.30 million. During the same period in the previous year, the firm earned $0.52 EPS. The firm’s quarterly revenue was up 114.7% on a year-over-year basis. As a group, research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.
Insider Activity
In other news, COO Yat Lam sold 50,000 shares of the stock in a transaction on Friday, September 25th. The stock was sold at an average price of $206.30, for a total transaction of $10,315,000.00. Following the completion of the transaction, the chief operating officer owned 2,479,169 shares in the company, valued at approximately $511,452,564.70. This represents a 1.98% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $193.93, for a total value of $5,333,075.00. Following the completion of the sale, the chief technology officer directly owned 5,662,397 shares of the company’s stock, valued at approximately $1,098,108,650.21. This trade represents a 0.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 352,538 shares of company stock valued at $67,200,077 in the last 90 days. Insiders own 9.06% of the company’s stock.
Credo Technology Group Profile
Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.
The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.
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