VIRGINIA RETIREMENT SYSTEMS ET Al Boosts Stock Position in Credo Technology Group Holding Ltd. $CRDO

VIRGINIA RETIREMENT SYSTEMS ET Al boosted its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 34.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,400 shares of the company’s stock after acquiring an additional 7,300 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Credo Technology Group were worth $4,135,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of CRDO. JPMorgan Chase & Co. lifted its holdings in shares of Credo Technology Group by 36.5% during the second quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after purchasing an additional 1,739,844 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the period. 1832 Asset Management L.P. acquired a new stake in shares of Credo Technology Group in the 2nd quarter worth $82,479,000. Swedbank AB boosted its holdings in shares of Credo Technology Group by 29.5% in the first quarter. Swedbank AB now owns 3,219,125 shares of the company’s stock valued at $129,280,000 after acquiring an additional 733,811 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Credo Technology Group by 160.7% during the second quarter. Invesco Ltd. now owns 1,118,119 shares of the company’s stock worth $103,527,000 after acquiring an additional 689,202 shares during the period. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 0.7%

Shares of CRDO stock opened at $143.89 on Friday. The stock has a market cap of $25.99 billion, a P/E ratio of 126.22 and a beta of 2.66. Credo Technology Group Holding Ltd. has a fifty-two week low of $29.09 and a fifty-two week high of $213.80. The business has a fifty day simple moving average of $157.26 and a 200-day simple moving average of $134.13.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a net margin of 26.63% and a return on equity of 25.28%. The business had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same period in the previous year, the firm earned $0.07 EPS. The business’s revenue for the quarter was up 272.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Wall Street Analyst Weigh In

CRDO has been the subject of several recent analyst reports. Mizuho raised their price target on Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a report on Tuesday, December 2nd. KGI Securities upgraded Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective for the company in a research report on Tuesday, December 2nd. Roth Capital boosted their target price on shares of Credo Technology Group from $170.00 to $250.00 and gave the stock a “buy” rating in a research report on Tuesday, December 2nd. Barclays upped their price target on shares of Credo Technology Group from $165.00 to $220.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 2nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Credo Technology Group in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $206.85.

Insiders Place Their Bets

In related news, Director Sylvia Acevedo sold 1,875 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $185.17, for a total value of $347,193.75. Following the sale, the director owned 21,098 shares of the company’s stock, valued at approximately $3,906,716.66. This represents a 8.16% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Yat Tung Lam sold 370,000 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $153.19, for a total value of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares of the company’s stock, valued at $61,276,000. The trade was a 48.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,241,246 shares of company stock valued at $189,271,083. Corporate insiders own 11.84% of the company’s stock.

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.