Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 38.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 56,336 shares of the company’s stock after selling 35,645 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Credo Technology Group were worth $1,735,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Sei Investments Co. raised its position in shares of Credo Technology Group by 18.8% during the 1st quarter. Sei Investments Co. now owns 111,034 shares of the company’s stock worth $2,353,000 after buying an additional 17,540 shares in the last quarter. ProShare Advisors LLC lifted its position in Credo Technology Group by 17.6% in the first quarter. ProShare Advisors LLC now owns 22,343 shares of the company’s stock worth $473,000 after purchasing an additional 3,346 shares during the period. Vanguard Group Inc. boosted its stake in Credo Technology Group by 7.7% during the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after purchasing an additional 1,072,301 shares in the last quarter. Covestor Ltd increased its position in shares of Credo Technology Group by 19,240.0% during the 1st quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after purchasing an additional 1,924 shares during the period. Finally, Thornburg Investment Management Inc. raised its stake in shares of Credo Technology Group by 37.1% in the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock worth $5,029,000 after buying an additional 64,177 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the transaction, the chief executive officer now owns 2,529,738 shares in the company, valued at $65,140,753.50. The trade was a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $27.69, for a total value of $276,900.00. Following the sale, the chief operating officer now directly owns 2,885,840 shares of the company’s stock, valued at $79,908,909.60. This trade represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,324,817 shares of company stock valued at $43,552,936 over the last three months. 16.04% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Needham & Company LLC raised their target price on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Bank of America raised their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. Barclays boosted their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Thursday, September 5th. The Goldman Sachs Group raised their target price on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Stifel Nicolaus upped their price target on Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. One 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. According to data from MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and a consensus price target of $36.56.

Credo Technology Group Stock Up 2.1 %

Shares of NASDAQ:CRDO opened at $40.60 on Tuesday. The company’s fifty day moving average is $35.62 and its two-hundred day moving average is $30.21. The company has a market cap of $6.74 billion, a P/E ratio of -253.75 and a beta of 2.19. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $48.94.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The business had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. Equities research analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.