Credo Technology Group Holding Ltd. $CRDO Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas reduced its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 14.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 40,895 shares of the company’s stock after selling 6,751 shares during the quarter. Teacher Retirement System of Texas’ holdings in Credo Technology Group were worth $5,955,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. First Horizon Corp acquired a new position in Credo Technology Group in the third quarter valued at approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in shares of Credo Technology Group during the 2nd quarter worth approximately $27,000. Park Place Capital Corp purchased a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $41,000. Wolff Wiese Magana LLC boosted its holdings in shares of Credo Technology Group by 200.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 450 shares of the company’s stock valued at $42,000 after buying an additional 300 shares in the last quarter. Finally, Cullen Frost Bankers Inc. grew its position in shares of Credo Technology Group by 278.4% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 473 shares of the company’s stock valued at $44,000 after buying an additional 348 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Stock Down 3.9%

Shares of CRDO stock opened at $128.02 on Tuesday. The stock’s 50-day moving average price is $151.21 and its 200 day moving average price is $141.32. The stock has a market capitalization of $23.12 billion, a PE ratio of 112.30 and a beta of 2.66. Credo Technology Group Holding Ltd. has a 52-week low of $29.09 and a 52-week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same period last year, the business posted $0.07 EPS. The company’s revenue was up 272.1% on a year-over-year basis. Analysts expect 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 55,000 shares of the firm’s stock in a transaction on Monday, December 8th. The shares were sold at an average price of $174.70, for a total value of $9,608,500.00. Following the completion of the sale, the chief technology officer owned 6,613,961 shares in the company, valued at approximately $1,155,458,986.70. This trade represents a 0.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 370,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the transaction, the chief operating officer owned 400,000 shares in the company, valued at approximately $61,276,000. This trade represents a 48.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 970,476 shares of company stock worth $149,681,763. 11.84% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CRDO. KGI Securities raised shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target for the company in a research report on Tuesday, December 2nd. Zacks Research raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Thursday, December 4th. Rosenblatt Securities initiated coverage on Credo Technology Group in a research report on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 target price for the company. Mizuho lifted their price target on Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Finally, TD Cowen reissued a “buy” rating on shares of Credo Technology Group in a report on Tuesday, December 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $216.54.

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.