Illinois Municipal Retirement Fund Cuts Position in Credo Technology Group Holding Ltd. $CRDO

Illinois Municipal Retirement Fund decreased its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 25.5% during the 1st quarter, Holdings Channel reports. The fund owned 11,769 shares of the company’s stock after selling 4,032 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Credo Technology Group were worth $1,105,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in CRDO. Northwestern Mutual Wealth Management Co. increased its position in shares of Credo Technology Group by 16.2% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after purchasing an additional 77 shares during the last quarter. QRG Capital Management Inc. raised its holdings in shares of Credo Technology Group by 1.7% in the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock valued at $507,000 after purchasing an additional 91 shares in the last quarter. Mark Sheptoff Financial Planning LLC lifted its position in shares of Credo Technology Group by 2.0% during the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company’s stock worth $741,000 after purchasing an additional 100 shares during the last quarter. Spirepoint Private Client LLC lifted its position in shares of Credo Technology Group by 6.6% during the 4th quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company’s stock worth $243,000 after purchasing an additional 105 shares during the last quarter. Finally, Crewe Advisors LLC grew its stake in shares of Credo Technology Group by 163.1% during the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after purchasing an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 2.0%

NASDAQ CRDO opened at $228.27 on Thursday. The firm has a market cap of $42.57 billion, a P/E ratio of 92.04, a P/E/G ratio of 1.02 and a beta of 3.20. Credo Technology Group Holding Ltd. has a 52-week low of $86.49 and a 52-week high of $308.67. The business’s 50-day moving average price is $233.42 and its 200 day moving average price is $168.92.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. During the same period in the prior year, the business earned $0.20 EPS. The firm’s revenue was up 157.0% compared to the same quarter last year. As a group, analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

Wall Street Analyst Weigh In

CRDO has been the topic of several recent analyst reports. Barclays increased their target price on Credo Technology Group from $260.00 to $300.00 and gave the company an “overweight” rating in a report on Monday. TD Cowen lifted their price target on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a research report on Friday, May 1st. They set a “buy” rating and a $206.00 price objective for the company. Evercore began coverage on Credo Technology Group in a report on Monday, June 22nd. They issued an “outperform” rating and a $325.00 price objective on the stock. Finally, Jefferies Financial Group raised their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Buy” and an average price target of $266.17.

Insider Activity

In other news, CFO Daniel W. Fleming sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total transaction of $9,979,200.00. Following the completion of the sale, the chief financial officer owned 501,873 shares in the company, valued at $125,207,276.04. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the completion of the transaction, the chief technology officer owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. This trade represents a 0.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 302,162 shares of company stock valued at $70,897,646. Company insiders own 11.84% of the company’s stock.

Credo Technology Group News Summary

Here are the key news stories impacting Credo Technology Group this week:

• Positive Sentiment: Several recent write-ups highlight Credo as a leading AI connectivity play, benefiting from hyperscalers’ need for higher-speed connections in data centers and positioning the company as a “backbone” supplier for AI infrastructure. Article Title
• Positive Sentiment: Articles citing fund commentary suggest Credo’s Q2 strength is being driven by rising connectivity demand, which is reinforcing the market’s view that the company can keep growing rapidly as AI spending expands. Article Title
• Positive Sentiment: Recent coverage also points to a bullish thesis upgrade and price-target discussion, implying that some investors see the recent pullback as a buying opportunity rather than a trend reversal. Article Title
• Neutral Sentiment: One comparison piece versus Marvell argues that Credo and Marvell both benefit from AI connectivity demand, but their growth, margin, and outlook profiles differ, which keeps investor debate focused on relative valuation and execution. Article Title
• Negative Sentiment: Some commentary warns that CRDO has been highly volatile, including a sharp weekly sell-off and concerns that the stock may have already priced in much of the AI optimism, which could limit near-term upside. Article Title

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.