Arizona State Retirement System purchased a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Rating) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 24,664 shares of the company's stock, valued at approximately $328,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of CRDO. BlackRock Inc. boosted its holdings in Credo Technology Group by 255.4% in the 3rd quarter. BlackRock Inc. now owns 12,750,435 shares of the company's stock worth $140,255,000 after acquiring an additional 9,162,371 shares during the period. Capital Research Global Investors acquired a new position in shares of Credo Technology Group in the 1st quarter valued at approximately $125,306,000. Vanguard Group Inc. raised its position in shares of Credo Technology Group by 263.1% in the 3rd quarter. Vanguard Group Inc. now owns 6,940,826 shares of the company's stock valued at $76,349,000 after purchasing an additional 5,029,051 shares in the last quarter. State Street Corp raised its position in shares of Credo Technology Group by 712.7% in the 3rd quarter. State Street Corp now owns 2,955,370 shares of the company's stock valued at $32,509,000 after purchasing an additional 2,591,741 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its position in shares of Credo Technology Group by 120.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,974,443 shares of the company's stock valued at $43,719,000 after purchasing an additional 2,172,475 shares in the last quarter. Hedge funds and other institutional investors own 40.46% of the company's stock.
Insider Buying and Selling
In related news, CEO William Joseph Brennan sold 24,446 shares of the business's stock in a transaction on Thursday, March 9th. The shares were sold at an average price of $9.95, for a total transaction of $243,237.70. Following the transaction, the chief executive officer now owns 225,554 shares of the company's stock, valued at $2,244,262.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Credo Technology Group news, CEO William Joseph Brennan sold 24,446 shares of Credo Technology Group stock in a transaction on Thursday, March 9th. The shares were sold at an average price of $9.95, for a total transaction of $243,237.70. Following the sale, the chief executive officer now owns 225,554 shares in the company, valued at $2,244,262.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 6,250 shares of Credo Technology Group stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $10.42, for a total transaction of $65,125.00. Following the sale, the chief technology officer now owns 11,257,352 shares in the company, valued at approximately $117,301,607.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 76,073 shares of company stock valued at $784,391. 34.20% of the stock is owned by company insiders.
Credo Technology Group Stock Up 0.1 %
NASDAQ:CRDO opened at $10.20 on Monday. Credo Technology Group Holding Ltd has a 12 month low of $7.20 and a 12 month high of $19.46. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -255.00 and a beta of 1.86. The company's 50 day moving average is $8.57 and its 200-day moving average is $12.06.
Credo Technology Group (NASDAQ:CRDO - Get Rating) last released its quarterly earnings results on Wednesday, March 1st. The company reported $0.02 EPS for the quarter, beating analysts' consensus estimates of $0.01 by $0.01. Credo Technology Group had a negative net margin of 3.15% and a positive return on equity of 2.80%. The company had revenue of $54.27 million for the quarter, compared to analyst estimates of $52.00 million. Research analysts predict that Credo Technology Group Holding Ltd will post -0.06 EPS for the current fiscal year.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on the company. Mizuho dropped their price target on Credo Technology Group from $20.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday, February 15th. Roth Mkm decreased their price target on Credo Technology Group from $20.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, February 15th. BNP Paribas started coverage on shares of Credo Technology Group in a research note on Tuesday, February 28th. They issued an "outperform" rating and a $13.00 price objective on the stock. Bank of America cut shares of Credo Technology Group from a "buy" rating to an "underperform" rating and decreased their target price for the stock from $18.00 to $12.00 in a report on Wednesday, February 15th. Finally, Cowen cut shares of Credo Technology Group from an "outperform" rating to a "market perform" rating and set a $11.00 price target for the company. in a report on Wednesday, February 15th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $13.33.
About Credo Technology Group
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Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.
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