New York State Common Retirement Fund Sells 3,339 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

New York State Common Retirement Fund reduced its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 5.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 57,482 shares of the company’s stock after selling 3,339 shares during the period. New York State Common Retirement Fund’s holdings in Credo Technology Group were worth $2,308,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Credo Technology Group in the fourth quarter valued at about $117,242,000. Alliancebernstein L.P. increased its position in Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after acquiring an additional 1,305,594 shares in the last quarter. Polar Capital Holdings Plc raised its stake in shares of Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after acquiring an additional 1,150,084 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Credo Technology Group by 441.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company’s stock worth $65,594,000 after purchasing an additional 795,751 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Credo Technology Group by 281.7% during the fourth quarter. Bank of America Corp DE now owns 391,446 shares of the company’s stock worth $26,309,000 after purchasing an additional 606,850 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CRDO shares. Wall Street Zen cut shares of Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, July 12th. Susquehanna lifted their target price on Credo Technology Group from $90.00 to $115.00 and gave the company a “positive” rating in a research note on Tuesday. Roth Capital set a $95.00 target price on Credo Technology Group and gave the stock a “buy” rating in a research report on Friday, June 13th. Stifel Nicolaus raised their price target on Credo Technology Group from $80.00 to $115.00 and gave the company a “buy” rating in a report on Friday, July 18th. Finally, Mizuho boosted their price objective on Credo Technology Group from $81.00 to $98.00 and gave the stock an “outperform” rating in a report on Thursday, July 3rd. One research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Buy” and an average price target of $87.91.

Insider Activity at Credo Technology Group

In other news, insider James Laufman sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $85.07, for a total value of $425,350.00. Following the completion of the transaction, the insider owned 249,346 shares in the company, valued at $21,211,864.22. This represents a 1.97% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $97.29, for a total transaction of $368,729.10. Following the sale, the chief financial officer owned 582,428 shares in the company, valued at approximately $56,664,420.12. The trade was a 0.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,078,139 shares of company stock valued at $85,302,680. Corporate insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $98.41 on Thursday. The stock has a market cap of $16.89 billion, a PE ratio of 364.48, a price-to-earnings-growth ratio of 1.67 and a beta of 2.57. The stock has a 50-day moving average of $80.90 and a 200-day moving average of $64.22. Credo Technology Group Holding Ltd. has a one year low of $22.50 and a one year high of $104.35.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The business had revenue of $170.00 million for the quarter, compared to the consensus estimate of $159.59 million. During the same quarter last year, the business posted $0.07 EPS. The firm’s revenue was up 179.6% compared to the same quarter last year. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

About Credo Technology Group

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.