State of New Jersey Common Pension Fund D Sells 32,990 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

State of New Jersey Common Pension Fund D reduced its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 26.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 91,981 shares of the company’s stock after selling 32,990 shares during the period. State of New Jersey Common Pension Fund D owned about 0.06% of Credo Technology Group worth $2,938,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CRDO. Wellington Management Group LLP bought a new position in shares of Credo Technology Group during the 4th quarter worth approximately $35,224,000. Vanguard Group Inc. grew its position in Credo Technology Group by 11.3% in the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after purchasing an additional 1,420,664 shares in the last quarter. TimesSquare Capital Management LLC bought a new position in Credo Technology Group in the first quarter valued at $22,535,000. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Credo Technology Group by 290.9% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock valued at $25,096,000 after buying an additional 881,344 shares during the last quarter. Finally, Westfield Capital Management Co. LP bought a new stake in Credo Technology Group during the 1st quarter worth about $17,847,000. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CRDO shares. The Goldman Sachs Group lifted their target price on Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Stifel Nicolaus boosted their price target on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, September 3rd. Barclays increased their price objective on Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a report on Thursday, September 5th. Craig Hallum boosted their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Finally, Roth Mkm increased their price target on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.00.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Friday, June 21st. The shares were sold at an average price of $27.49, for a total value of $1,511,950.00. Following the transaction, the chief technology officer now directly owns 9,498,602 shares of the company’s stock, valued at approximately $261,116,568.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Lip Bu Tan sold 45,476 shares of Credo Technology Group stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $31.76, for a total transaction of $1,444,317.76. Following the completion of the sale, the director now directly owns 39,736 shares of the company’s stock, valued at approximately $1,262,015.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, June 21st. The shares were sold at an average price of $27.49, for a total value of $1,511,950.00. Following the completion of the transaction, the chief technology officer now directly owns 9,498,602 shares in the company, valued at $261,116,568.98. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,036,190 shares of company stock valued at $31,033,447. Company insiders own 23.89% of the company’s stock.

Credo Technology Group Price Performance

CRDO stock opened at $27.05 on Thursday. Credo Technology Group Holding Ltd has a one year low of $13.38 and a one year high of $36.80. The stock has a market cap of $4.47 billion, a price-to-earnings ratio of -150.28 and a beta of 2.26. The company has a fifty day moving average price of $29.63 and a two-hundred day moving average price of $25.14.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo 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 HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.