Credo Technology Group Holding Ltd. $CRDO Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Reduces Position

by · The Markets Daily

VIRGINIA RETIREMENT SYSTEMS ET Al reduced its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO – Free Report) by 12.0% in the third quarter, Holdings Channel.com reports. The fund owned 41,201 shares of the company’s stock after selling 5,600 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Credo Technology Group were worth $8,026,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in CRDO. California State Teachers Retirement System grew its holdings in Credo Technology Group by 2.2% during the 1st quarter. California State Teachers Retirement System now owns 240,886 shares of the company’s stock valued at $22,612,000 after buying an additional 5,113 shares in the last quarter. Corsair Capital Management L.P. purchased a new stake in shares of Credo Technology Group in the first quarter worth about $469,000. Lazard Asset Management LLC lifted its holdings in shares of Credo Technology Group by 55.6% in the first quarter. Lazard Asset Management LLC now owns 67,051 shares of the company’s stock worth $6,294,000 after buying an additional 23,949 shares in the last quarter. Quantinno Capital Management LP boosted its position in shares of Credo Technology Group by 68.4% in the first quarter. Quantinno Capital Management LP now owns 34,124 shares of the company’s stock valued at $3,203,000 after acquiring an additional 13,859 shares during the period. Finally, Estuary Capital Management LP boosted its position in shares of Credo Technology Group by 87.4% in the first quarter. Estuary Capital Management LP now owns 412,227 shares of the company’s stock valued at $38,696,000 after acquiring an additional 192,218 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

Shares of CRDO opened at $150.99 on Friday. Credo Technology Group Holding Ltd. has a 1-year low of $86.49 and a 1-year high of $308.67. The company has a market capitalization of $28.38 billion, a P/E ratio of 53.73, a P/E/G ratio of 0.60 and a beta of 3.25. The firm’s 50 day simple moving average is $188.40 and its 200 day simple moving average is $180.84.

Credo Technology Group (NASDAQ:CRDO – Get Free Report) last released its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. The business had revenue of $479.00 million during the quarter, compared to analysts’ expectations of $473.30 million. Credo Technology Group had a net margin of 33.83% and a return on equity of 28.77%. The business’s quarterly revenue was up 114.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.52 EPS. On average, equities analysts anticipate that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current year.

Analyst Ratings Changes

CRDO has been the subject of several recent analyst reports. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Evercore set a $292.00 target price on shares of Credo Technology Group in a research note on Wednesday, September 2nd. Susquehanna raised their price target on shares of Credo Technology Group from $235.00 to $250.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. reduced their price target on shares of Credo Technology Group from $335.00 to $310.00 and set an “overweight” rating for the company in a research report on Wednesday, September 2nd. Finally, Barclays upped their price target on shares of Credo Technology Group from $260.00 to $300.00 and gave the stock an “overweight” rating in a report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $262.67.

View Our Latest Report on Credo Technology Group

Insider Buying and Selling

In related news, COO Yat Lam sold 50,000 shares of the stock in a transaction on Friday, September 25th. The stock was sold at an average price of $206.30, for a total value of $10,315,000.00. Following the transaction, the chief operating officer owned 2,479,169 shares of the company’s stock, valued at $511,452,564.70. This represents a 1.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Brennan sold 16,672 shares of the firm’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $151.88, for a total value of $2,532,143.36. Following the sale, the chief executive officer owned 1,600,830 shares in the company, valued at $243,134,060.40. The trade was a 1.03% decrease in their position. 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. Over the last ninety days, insiders sold 352,538 shares of company stock worth $67,200,077. Corporate insiders own 9.06% of the company’s stock.

Credo Technology Group Profile

(Free Report)

Credo Technology Group Holding Ltd. is a fabless semiconductor and connectivity solutions company that develops high-speed data-infrastructure technologies. Its products are designed to help data centers and communications networks move large volumes of information with lower power consumption and improved signal integrity.

The company’s portfolio includes serializer/deserializer (SerDes) intellectual property, application-specific integrated circuits, active electrical cables, optical digital signal processors and related connectivity platforms.

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