Credo Technology Group Holding Ltd. $CRDO Shares Purchased by California State Teachers Retirement System

California State Teachers Retirement System raised its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 28,062.9% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 67,840,375 shares of the company’s stock after buying an additional 67,599,489 shares during the period. California State Teachers Retirement System owned approximately 0.36% of Credo Technology Group worth $18,449,190,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of CRDO. Orion Capital Management LLC bought a new stake in shares of Credo Technology Group during the 2nd quarter worth $27,000. Reflection Asset Management purchased a new stake in shares of Credo Technology Group during the fourth quarter valued at $25,000. Acumen Wealth Advisors LLC acquired a new position in shares of Credo Technology Group in the 4th quarter valued at $25,000. Van ECK Associates Corp purchased a new position in Credo Technology Group in the 4th quarter worth about $37,000. Finally, Quarry LP raised its holdings in Credo Technology Group by 642.5% during the 3rd quarter. Quarry LP now owns 297 shares of the company’s stock worth $43,000 after buying an additional 257 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Lam sold 55,441 shares of the business’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $213.02, for a total value of $11,810,041.82. Following the completion of the sale, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. The trade was a 2.15% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the company’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $259.53, for a total value of $7,137,075.00. Following the sale, the chief technology officer owned 5,992,370 shares of the company’s stock, valued at approximately $1,555,199,786.10. This trade represents a 0.46% decrease in their position. The SEC filing for this sale provides additional information. 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. Insiders have sold a total of 376,784 shares of company stock worth $88,299,791 over the last three months. Corporate insiders own 9.06% of the company’s stock.

Credo Technology Group Price Performance

CRDO stock opened at $170.57 on Tuesday. The firm has a 50 day moving average of $228.81 and a two-hundred day moving average of $189.80. Credo Technology Group Holding Ltd. has a 12 month low of $86.49 and a 12 month high of $308.67. The company has a market capitalization of $32.06 billion, a price-to-earnings ratio of 60.70, a P/E/G ratio of 0.68 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.03. The business 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 quarterly revenue was up 114.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.52 EPS. On average, research analysts expect that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the stock. Roth Capital raised their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Jefferies Financial Group increased their target price on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Bank of America lowered their price target on Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a report on Wednesday, September 2nd. Evercore set a $292.00 price objective on Credo Technology Group in a research report on Wednesday, September 2nd. Finally, Needham & Company LLC upped their target price on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $267.39.

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.