Teachers Retirement System of The State of Kentucky Increases Stock Holdings in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Teachers Retirement System of Kentucky boosted its stake in Credo by 57.9% in Q4 to 21,801 shares (worth ~$3.14M), and institutional ownership of CRDO stands at about 80.46%.
• Credo posted a strong quarter—$1.07 EPS vs. $0.78 expected and revenue of ~$407M (up 201.5% YoY)—and analysts have a consensus rating of "Moderate Buy" with a $207.81 average target amid several price-target raises.
• Insider selling has been significant recently—428,999 shares sold in the past 90 days (≈$52.95M), including CTO and COO sales (the CTO trade executed under a Rule 10b5‑1 plan); corporate insiders still own 11.84% of the stock.

Teachers Retirement System of The State of Kentucky lifted its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 57.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,801 shares of the company's stock after buying an additional 7,992 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Credo Technology Group were worth $3,137,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of CRDO. Mirae Asset Global Investments Co. Ltd. lifted its stake in Credo Technology Group by 9.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company's stock worth $39,004,000 after acquiring an additional 23,332 shares in the last quarter. Optimize Financial Inc acquired a new position in Credo Technology Group in the 3rd quarter valued at about $1,431,000. Estate Counselors LLC acquired a new position in Credo Technology Group in the 3rd quarter valued at about $2,548,000. Global Trust Asset Management LLC purchased a new stake in Credo Technology Group during the third quarter worth about $2,167,000. Finally, New York State Common Retirement Fund increased its stake in Credo Technology Group by 106.5% during the third quarter. New York State Common Retirement Fund now owns 146,134 shares of the company's stock worth $21,279,000 after purchasing an additional 75,369 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, COO Yat Tung Lam sold 3,180 shares of the firm's stock in a transaction on Sunday, April 5th. The shares were sold at an average price of $101.45, for a total value of $322,611.00. Following the sale, the chief operating officer directly owned 2,610,329 shares in the company, valued at approximately $264,817,877.05. This trade represents a 0.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Wednesday, April 22nd. The stock was sold at an average price of $188.02, for a total transaction of $5,170,550.00. Following the sale, the chief technology officer directly owned 6,079,870 shares of the company's stock, valued at approximately $1,143,137,157.40. This trade represents a 0.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 428,999 shares of company stock worth $52,946,445. Corporate insiders own 11.84% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on CRDO shares. Weiss Ratings lowered shares of Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday. Rosenblatt Securities increased their target price on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $150.00 to $170.00 and gave the company a "buy" rating in a research report on Thursday, April 16th. Barclays restated an "overweight" rating and issued a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. Finally, Mizuho cut their price objective on Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, March 3rd. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $207.81.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $180.50 on Tuesday. The business has a 50-day simple moving average of $123.33 and a 200-day simple moving average of $138.80. Credo Technology Group Holding Ltd. has a one year low of $40.17 and a one year high of $213.80. The company has a market cap of $33.29 billion, a PE ratio of 100.28 and a beta of 2.72.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The firm had revenue of $407.01 million for the quarter, compared to analysts' expectations of $385.94 million. During the same quarter last year, the company earned $0.25 earnings per share. The firm's revenue was up 201.5% compared to the same quarter last year. On average, sell-side analysts predict that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current fiscal year.

About Credo Technology Group

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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