California State Teachers Retirement System Acquires 8,573 Shares of Credo Technology Group Holding Ltd. $CRDO

California State Teachers Retirement System grew its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 3.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 249,459 shares of the company's stock after purchasing an additional 8,573 shares during the period. California State Teachers Retirement System owned approximately 0.13% of Credo Technology Group worth $67,840,375 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CRDO. Greenland Capital Management LP acquired a new stake in shares of Credo Technology Group during the 2nd quarter valued at about $415,000. Ameritas Advisory Services LLC acquired a new position in Credo Technology Group during the 2nd quarter worth approximately $210,000. Yarger Wealth Strategies LLC boosted its stake in Credo Technology Group by 8.2% during the 2nd quarter. Yarger Wealth Strategies LLC now owns 3,296 shares of the company's stock valued at $850,000 after purchasing an additional 250 shares during the period. Kraematon Investment Advisors Inc. grew its holdings in shares of Credo Technology Group by 2.4% during the second quarter. Kraematon Investment Advisors Inc. now owns 12,547 shares of the company's stock valued at $3,412,000 after buying an additional 300 shares in the last quarter. Finally, HB Wealth Management LLC acquired a new position in Credo Technology Group in the 2nd quarter valued at approximately $473,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on CRDO. Stifel Nicolaus raised their price objective on shares of Credo Technology Group from $250.00 to $350.00 and gave the stock a "buy" rating in a research report on Monday, June 22nd. The Goldman Sachs Group reiterated a "buy" rating and set a $250.00 price objective on shares of Credo Technology Group in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. decreased their price objective on Credo Technology Group from $335.00 to $310.00 and set an "overweight" rating for the company in a report on Wednesday, September 2nd. Susquehanna raised their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a "positive" rating in a report on Tuesday, July 21st. Finally, Rosenblatt Securities raised their target price on shares of 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 research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Credo Technology Group presently has a consensus rating of "Moderate Buy" and a consensus target price of $267.39.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 7,580 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the transaction, the chief financial officer directly owned 504,708 shares of the company's stock, valued at $124,097,603.04. This trade represents a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Yat Lam sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $213.33, for a total transaction of $10,666,500.00. Following the completion of the transaction, the chief operating officer owned 300,000 shares of the company's stock, valued at $63,999,000. This represents a 14.29% 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. Over the last three months, insiders have sold 285,574 shares of company stock valued at $65,043,841. 9.06% of the stock is currently owned by corporate insiders.

Credo Technology Group Price Performance

CRDO traded up $0.86 on Tuesday, reaching $150.95. The company's stock had a trading volume of 3,872,247 shares, compared to its average volume of 7,404,039. The business's 50 day moving average is $219.36 and its 200 day moving average is $191.08. The stock has a market cap of $28.37 billion, a price-to-earnings ratio of 53.51, a price-to-earnings-growth ratio of 0.65 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.

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 (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 the consensus estimate 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 was up 114.7% on a year-over-year basis. During the same period last year, the business posted $0.52 EPS. As a group, research analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Credo Technology Group Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company's portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.

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