New York State Common Retirement Fund Grows Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

New York State Common Retirement Fund boosted its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 20.9% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 77,611 shares of the company’s stock after buying an additional 13,408 shares during the period. New York State Common Retirement Fund’s holdings in Credo Technology Group were worth $1,511,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Carnegie Capital Asset Management LLC grew its position in shares of Credo Technology Group by 19.4% during the fourth quarter. Carnegie Capital Asset Management LLC now owns 293,470 shares of the company’s stock worth $5,714,000 after purchasing an additional 47,650 shares in the last quarter. CloudAlpha Capital Management Limited Hong Kong purchased a new stake in Credo Technology Group during the 3rd quarter valued at approximately $2,028,000. Vanguard Group Inc. raised its position in shares of Credo Technology Group by 31.3% during the third quarter. Vanguard Group Inc. now owns 12,570,816 shares of the company’s stock valued at $191,705,000 after buying an additional 2,993,303 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Credo Technology Group by 17.7% in the third quarter. JPMorgan Chase & Co. now owns 8,651,186 shares of the company’s stock worth $131,931,000 after buying an additional 1,299,600 shares in the last quarter. Finally, Moody Aldrich Partners LLC lifted its holdings in shares of Credo Technology Group by 67.8% in the fourth quarter. Moody Aldrich Partners LLC now owns 202,707 shares of the company’s stock worth $3,947,000 after buying an additional 81,904 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Credo Technology Group

In related news, CEO William Joseph Brennan sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $17.15, for a total transaction of $257,250.00. Following the completion of the sale, the chief executive officer now directly owns 2,962,500 shares of the company’s stock, valued at approximately $50,806,875. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO William Joseph Brennan sold 15,000 shares of Credo Technology Group stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $17.15, for a total transaction of $257,250.00. Following the completion of the sale, the chief executive officer now owns 2,962,500 shares in the company, valued at approximately $50,806,875. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $21.17, for a total transaction of $1,164,350.00. Following the completion of the sale, the chief technology officer now directly owns 10,158,602 shares of the company’s stock, valued at $215,057,604.34. The disclosure for this sale can be found here. Insiders sold 1,646,335 shares of company stock worth $35,965,584 over the last 90 days. Company insiders own 23.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Needham & Company LLC raised their target price on shares of Credo Technology Group from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, February 28th. TD Cowen lifted their target price on Credo Technology Group from $20.00 to $24.00 and gave the stock a “market perform” rating in a report on Wednesday, February 28th. Mizuho reiterated a “buy” rating and issued a $30.00 target price (up from $28.00) on shares of Credo Technology Group in a research report on Wednesday, February 28th. Craig Hallum raised their price target on Credo Technology Group from $28.00 to $30.00 and gave the company a “buy” rating in a report on Monday, April 15th. Finally, The Goldman Sachs Group upped their price objective on Credo Technology Group from $23.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average target price of $24.25.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $17.34 on Friday. The stock has a 50 day moving average price of $19.98 and a 200-day moving average price of $19.36. Credo Technology Group Holding Ltd has a one year low of $7.66 and a one year high of $23.90. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of -75.39 and a beta of 2.03.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. Credo Technology Group had a negative net margin of 20.59% and a negative return on equity of 7.82%. The business had revenue of $53.06 million for the quarter, compared to analysts’ expectations of $51.91 million. During the same quarter in the previous year, the business posted $0.02 earnings per share. The business’s revenue was down 2.2% compared to the same quarter last year. Sell-side analysts predict that Credo Technology Group Holding Ltd will post -0.12 earnings per share for the current fiscal year.

About Credo Technology Group

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.