California State Teachers Retirement System Has $22.61 Million Stock Holdings in 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 2.2% in the first quarter, according to the company in its most recent filing with the SEC. The firm owned 240,886 shares of the company's stock after acquiring an additional 5,113 shares during the quarter. California State Teachers Retirement System owned about 0.13% of Credo Technology Group worth $22,612,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. increased its position in shares of Credo Technology Group by 16.2% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company's stock worth $80,000 after purchasing an additional 77 shares during the period. QRG Capital Management Inc. grew its stake in Credo Technology Group by 1.7% during the first quarter. QRG Capital Management Inc. now owns 5,402 shares of the company's stock worth $507,000 after buying an additional 91 shares in the last quarter. Bank of Nova Scotia grew its stake in Credo Technology Group by 1.6% during the first quarter. Bank of Nova Scotia now owns 6,026 shares of the company's stock worth $566,000 after buying an additional 92 shares in the last quarter. Mark Sheptoff Financial Planning LLC grew its stake in Credo Technology Group by 2.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 5,150 shares of the company's stock worth $741,000 after buying an additional 100 shares in the last quarter. Finally, Spirepoint Private Client LLC increased its holdings in Credo Technology Group by 6.6% in the 4th quarter. Spirepoint Private Client LLC now owns 1,688 shares of the company's stock valued at $243,000 after buying an additional 105 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $250.00 to $350.00 and gave the company a "buy" rating in a research report on Monday, June 22nd. Jefferies Financial Group lifted their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Roth Capital upped their target price on Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. Needham & Company LLC lifted their price target on Credo Technology Group from $220.00 to $275.00 and gave the company a "buy" rating in a research note on Monday, June 1st. Finally, JPMorgan Chase & Co. boosted their price target on Credo Technology Group from $230.00 to $250.00 and gave the stock an "overweight" rating in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $266.17.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $206.99 on Friday. The firm's fifty day moving average price is $236.60 and its two-hundred day moving average price is $171.84. The stock has a market cap of $38.60 billion, a PE ratio of 83.46, a PEG ratio of 0.95 and a beta of 3.20. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a net margin of 35.37% and a return on equity of 32.30%. The company 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 earnings per share. The company's revenue for the quarter was up 157.0% compared to the same quarter last year. As a group, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, 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 transaction, the chief technology officer owned 5,882,370 shares in the company, valued at approximately $1,429,768,852.20. The trade was a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the business's stock in a transaction on Friday, June 5th. The stock was sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the sale, the chief executive officer directly owned 367,327 shares in the company, valued at approximately $80,286,662.39. This represents a 13.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 302,162 shares of company stock valued at $72,810,546 in the last 90 days. Corporate insiders own 11.84% of the company's stock.

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.

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