VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 46,801 Credo Technology Group Holding Ltd. $CRDO

by · The Cerbat Gem

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 46,801 shares of the company’s stock, valued at approximately $12,728,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. California State Teachers Retirement System boosted its stake in shares of Credo Technology Group by 2.2% during the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock worth $22,612,000 after acquiring an additional 5,113 shares during the last quarter. TimesSquare Capital Management LLC grew its position in shares of Credo Technology Group by 5.5% during the 4th quarter. TimesSquare Capital Management LLC now owns 264,181 shares of the company’s stock valued at $38,013,000 after acquiring an additional 13,881 shares during the period. Corsair Capital Management L.P. purchased a new stake in shares of Credo Technology Group in the 1st quarter worth $469,000. Lazard Asset Management LLC increased its stake in shares of Credo Technology Group by 55.6% in the 1st quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock worth $6,294,000 after purchasing an additional 23,949 shares in the last quarter. Finally, Quantinno Capital Management LP raised its holdings in Credo Technology Group by 68.4% in the 1st quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock worth $3,203,000 after purchasing an additional 13,859 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of CRDO opened at $170.57 on Tuesday. The firm has a market cap of $32.06 billion, a P/E ratio of 60.70, a price-to-earnings-growth ratio of 0.68 and a beta of 3.22. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The company has a 50 day simple moving average of $228.81 and a two-hundred day simple moving average of $189.80.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last issued its 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. The firm had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. Credo Technology Group’s revenue for the quarter was up 114.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.52 earnings per share. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Needham & Company LLC lifted their target price on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Wall Street Zen cut Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Roth Capital raised their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Bank of America lowered their price objective on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research report on Wednesday, September 2nd. Finally, Rosenblatt Securities boosted their price objective on Credo Technology Group from $215.00 to $235.00 and gave the company a “neutral” rating in a research note on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $267.39.

View Our Latest Stock Report on Credo Technology Group

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Cheng sold 27,473 shares of Credo Technology Group stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $209.53, for a total value of $5,756,417.69. Following the sale, the chief technology officer owned 5,772,397 shares of the company’s stock, valued at $1,209,490,343.41. The trade was a 0.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 55,441 shares of the firm’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the completion of the transaction, the chief operating officer directly owned 2,529,169 shares of the company’s stock, valued at approximately $538,763,580.38. This trade represents a 2.15% decrease in their ownership of the stock. 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. Over the last three months, insiders have sold 376,784 shares of company stock valued at $88,299,791. 9.06% of the stock is currently owned by insiders.

Credo Technology Group Profile

(Free Report)

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.

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