California State Teachers Retirement System Boosts Stake in Credo Technology Group Holding Ltd. $CRDO

Key Points

• CalSTRS dramatically increased its Credo Technology stake by 28,062.9% in the second quarter, acquiring 67.6 million shares and ending with 67.84 million shares—about 36.38% of the company. Institutional investors collectively own 80.46% of CRDO.
• Credo reported quarterly EPS of $1.20 versus the $1.17 consensus estimate, while revenue reached $479 million, up 114.7% year over year and above expectations.
• Despite recent insider selling and elevated volatility, Wall Street remains generally bullish: CRDO has a “Moderate Buy” consensus rating and an average price target of $267.39.

California State Teachers Retirement System grew its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 28,062.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 67,840,375 shares of the company's stock after acquiring an additional 67,599,489 shares during the period. California State Teachers Retirement System owned about 36.38% of Credo Technology Group worth $18,449,190,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Greenland Capital Management LP purchased a new stake in Credo Technology Group during the 2nd quarter worth approximately $415,000. Ameritas Advisory Services LLC acquired a new stake in Credo Technology Group in the second quarter valued at $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 acquiring an additional 250 shares during the last quarter. Kraematon Investment Advisors Inc. grew its holdings in Credo Technology Group by 2.4% during the 2nd quarter. Kraematon Investment Advisors Inc. now owns 12,547 shares of the company's stock worth $3,412,000 after acquiring an additional 300 shares in the last quarter. Finally, HB Wealth Management LLC acquired a new stake in shares of Credo Technology Group in the 2nd quarter valued at about $473,000. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $170.57 on Tuesday. The firm's 50 day moving average is $228.81 and its two-hundred day moving average is $189.80. The firm has a market capitalization of $32.06 billion, a P/E ratio of 60.70, a PEG ratio of 0.68 and a beta of 3.22. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings data on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The business had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. During the same period in the prior year, the company posted $0.52 EPS. The business's revenue for the quarter was up 114.7% compared to the same quarter last year. Analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Daniel W. Fleming sold 7,580 shares of the business's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the sale, the chief financial officer owned 504,708 shares of the company's stock, valued at $124,097,603.04. The trade was a 1.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock in a transaction on Friday, July 31st. The shares were sold at an average price of $213.02, for a total value of $11,810,041.82. Following the transaction, the chief operating officer directly owned 2,529,169 shares of the company's stock, valued at approximately $538,763,580.38. The trade was a 2.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 376,784 shares of company stock worth $88,299,791. 9.06% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CRDO shares. Zacks Research lowered Credo Technology Group from a "strong-buy" rating to a "hold" rating in a report on Monday, August 3rd. Mizuho raised their price objective on Credo Technology Group from $260.00 to $290.00 and gave the stock an "outperform" rating in a research note on Tuesday, June 2nd. TD Cowen boosted their target price on shares of Credo Technology Group from $260.00 to $300.00 and gave the company a "buy" rating in a research note on Tuesday, August 18th. Evercore set a $292.00 price target on shares of Credo Technology Group in a research report on Wednesday, September 2nd. Finally, Barclays increased their price objective on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an "overweight" rating in a research note on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $267.39.

Credo Technology Group 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.

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