Teacher Retirement System of Texas Buys 28,788 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Teacher Retirement System of Texas grew its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 464.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 34,987 shares of the company's stock after acquiring an additional 28,788 shares during the period. Teacher Retirement System of Texas' holdings in Credo Technology Group were worth $1,405,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of CRDO. Mirae Asset Global Investments Co. Ltd. bought a new stake in Credo Technology Group in the first quarter valued at $27,000. Quarry LP bought a new position in shares of Credo Technology Group during the fourth quarter valued at about $58,000. CIBC Private Wealth Group LLC lifted its position in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after purchasing an additional 348 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Credo Technology Group by 103.5% during the first quarter. GAMMA Investing LLC now owns 1,982 shares of the company's stock valued at $80,000 after purchasing an additional 1,008 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new stake in Credo Technology Group in the fourth quarter worth about $82,000. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Stock Performance

NASDAQ:CRDO traded up $1.23 during midday trading on Friday, reaching $98.52. 3,228,056 shares of the stock traded hands, compared to its average volume of 4,206,586. The company has a fifty day moving average of $73.70 and a 200 day moving average of $62.63. Credo Technology Group Holding Ltd. has a 12 month low of $22.50 and a 12 month high of $100.13. The stock has a market capitalization of $16.91 billion, a P/E ratio of 364.89, a PEG ratio of 1.77 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same period in the prior year, the business posted $0.07 EPS. The firm's revenue was up 179.6% compared to the same quarter last year. On average, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Monday, July 7th. The shares were sold at an average price of $91.94, for a total value of $5,056,700.00. Following the completion of the transaction, the chief technology officer directly owned 7,328,961 shares in the company, valued at approximately $673,824,674.34. This represents a 0.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Laufman sold 5,000 shares of the company's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $85.07, for a total transaction of $425,350.00. Following the completion of the transaction, the insider owned 249,346 shares of the company's stock, valued at $21,211,864.22. This trade represents a 1.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,082,349 shares of company stock worth $78,589,471 in the last three months. 16.04% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on CRDO. Wall Street Zen lowered shares of Credo Technology Group from a "buy" rating to a "hold" rating in a research report on Saturday. Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the stock a "buy" rating in a research note on Friday, June 13th. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday, June 3rd. Finally, Susquehanna restated a "positive" rating and issued a $90.00 price objective (up from $60.00) on shares of Credo Technology Group in a report on Tuesday, June 3rd. One investment analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $82.45.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.