State of New Jersey Common Pension Fund D Sells 35,645 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

State of New Jersey Common Pension Fund D cut its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 38.8% in the third quarter, HoldingsChannel reports. The firm owned 56,336 shares of the company’s stock after selling 35,645 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Credo Technology Group were worth $1,735,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of CRDO. Thornburg Investment Management Inc. boosted its stake in shares of Credo Technology Group by 37.1% during the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock worth $5,029,000 after acquiring an additional 64,177 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after purchasing an additional 368,518 shares during the last quarter. Carnegie Investment Counsel raised its position in shares of Credo Technology Group by 7.3% in the third quarter. Carnegie Investment Counsel now owns 312,000 shares of the company’s stock valued at $9,610,000 after purchasing an additional 21,350 shares during the period. Castleark Management LLC acquired a new stake in shares of Credo Technology Group in the first quarter worth $3,876,000. Finally, SG Americas Securities LLC bought a new stake in shares of Credo Technology Group during the 2nd quarter worth $1,908,000. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $27.69, for a total value of $276,900.00. Following the transaction, the chief operating officer now directly owns 2,885,840 shares in the company, valued at $79,908,909.60. The trade was a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the sale, the chief executive officer now directly owns 2,529,738 shares of the company’s stock, valued at approximately $65,140,753.50. The trade was a 5.38 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,324,817 shares of company stock valued at $43,552,936. Corporate insiders own 16.04% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on CRDO. The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Bank of America increased their target price on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research note on Thursday, September 5th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Mizuho increased their price objective on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Finally, Barclays boosted their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average target price of $36.56.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock opened at $40.60 on Tuesday. The company’s fifty day moving average price is $35.62 and its two-hundred day moving average price is $30.21. The firm has a market capitalization of $6.74 billion, a PE ratio of -253.75 and a beta of 2.19. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $48.94.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Credo Technology Group Company 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.