New York State Common Retirement Fund lessened its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 5.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 57,482 shares of the company's stock after selling 3,339 shares during the period. New York State Common Retirement Fund's holdings in Credo Technology Group were worth $2,308,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also added to or reduced their stakes in the company. Norges Bank acquired a new position in Credo Technology Group in the 4th quarter valued at $117,242,000. Alliancebernstein L.P. raised its position in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after purchasing an additional 1,305,594 shares during the last quarter. Polar Capital Holdings Plc raised its position in Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock valued at $97,527,000 after purchasing an additional 1,150,084 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in Credo Technology Group by 441.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock valued at $65,594,000 after purchasing an additional 795,751 shares during the last quarter. Finally, Bank of America Corp DE raised its position in Credo Technology Group by 281.7% in the fourth quarter. Bank of America Corp DE now owns 391,446 shares of the company's stock valued at $26,309,000 after purchasing an additional 606,850 shares during the last quarter. Institutional investors own 80.46% of the company's stock.
Insider Buying and Selling
In other Credo Technology Group news, Director Lip Bu Tan sold 171,473 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $77.90, for a total transaction of $13,357,746.70. Following the completion of the transaction, the director owned 613,725 shares of the company's stock, valued at $47,809,177.50. This represents a 21.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 59,641 shares of the company's stock in a transaction that occurred on Thursday, June 5th. The shares were sold at an average price of $74.96, for a total value of $4,470,689.36. Following the transaction, the chief technology officer directly owned 7,603,961 shares of the company's stock, valued at $569,992,916.56. The trade was a 0.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,078,139 shares of company stock valued at $85,302,680 in the last ninety days. 16.04% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on CRDO shares. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Wall Street Zen cut Credo Technology Group from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. TD Cowen raised their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Needham & Company LLC raised their target price on Credo Technology Group from $80.00 to $85.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Finally, Roth Capital set a $95.00 target price on Credo Technology Group and gave the stock a "buy" rating in a research note on Friday, June 13th. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Credo Technology Group has a consensus rating of "Buy" and an average target price of $87.91.
Check Out Our Latest Research Report on CRDO
Credo Technology Group Trading Up 0.0%
Shares of CRDO traded up $0.05 during midday trading on Friday, reaching $101.22. The stock had a trading volume of 2,303,405 shares, compared to its average volume of 5,352,571. The company's 50-day moving average is $81.73 and its 200 day moving average is $64.39. Credo Technology Group Holding Ltd. has a 12-month low of $22.50 and a 12-month high of $104.35. The company has a market capitalization of $17.37 billion, a price-to-earnings ratio of 374.89, a price-to-earnings-growth ratio of 1.77 and a beta of 2.57.
Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same quarter in the previous year, the company posted $0.07 EPS. Credo Technology Group's revenue for the quarter was up 179.6% on a year-over-year basis. Research analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.
Credo Technology Group Profile
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Free Report)
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.
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