Teachers Retirement System of The State of Kentucky Takes Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• The Teachers Retirement System of The State of Kentucky acquired 23,865 shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) at a value of approximately $958,000 in the first quarter.
• Recent analyst updates show a range of ratings for CRDO, with Needham & Company raising their price target to $85.00 and Susquehanna increasing it to $115.00.
• Insider trading activity includes significant sales, with CTO Chi Fung Cheng selling 55,000 shares for about $5.3 million, reflecting a 0.76% decrease in his ownership.

Teachers Retirement System of The State of Kentucky bought a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 23,865 shares of the company's stock, valued at approximately $958,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new stake in Credo Technology Group during the fourth quarter worth approximately $117,242,000. Alliancebernstein L.P. raised its position in shares of 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 buying an additional 1,305,594 shares in the last quarter. Polar Capital Holdings Plc raised its position in shares of 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 buying an additional 1,150,084 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of 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 buying an additional 795,751 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of 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 buying an additional 606,850 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on CRDO shares. Noble Financial upgraded shares of Credo Technology Group to a "strong-buy" rating in a research report on Tuesday, June 3rd. Mizuho lifted their price objective on shares of Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a research note on Thursday, July 3rd. TD Cowen lifted their price objective on shares of Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Cowen reissued a "buy" rating on shares of Credo Technology Group in a research note on Tuesday, June 3rd. Finally, Barclays set a $85.00 target price on Credo Technology Group and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $87.91.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO traded up $0.05 during mid-day trading on Friday, hitting $101.22. 2,303,405 shares of the stock traded hands, compared to its average volume of 4,562,127. The company has a market cap of $17.37 billion, a PE ratio of 374.89, a price-to-earnings-growth ratio of 1.82 and a beta of 2.57. The firm has a 50 day simple moving average of $82.55 and a two-hundred day simple moving average of $64.57. Credo Technology Group Holding Ltd. has a twelve month low of $22.50 and a twelve month high of $104.35.

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

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 59,641 shares of Credo Technology Group stock in a transaction on Thursday, June 5th. The shares were sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the transaction, the chief technology officer owned 7,603,961 shares in the company, valued at approximately $569,992,916.56. The trade was a 0.78% 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. Also, Director Lip Bu Tan sold 171,473 shares of Credo Technology Group stock in a transaction 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 transaction, the director owned 613,725 shares in the company, valued at approximately $47,809,177.50. This trade represents a 21.84% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,078,139 shares of company stock worth $85,302,680. 16.04% of the stock is owned by company insiders.

Credo Technology Group Profile

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.