Credo Technology Group Holding Ltd. $CRDO Shares Purchased by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al raised its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 34.6% during the third quarter, Holdings Channel.com reports. The firm owned 28,400 shares of the company’s stock after buying an additional 7,300 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Credo Technology Group were worth $4,135,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. GAMMA Investing LLC raised its position in shares of Credo Technology Group by 6.7% in the third quarter. GAMMA Investing LLC now owns 1,891 shares of the company’s stock valued at $275,000 after buying an additional 118 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in Credo Technology Group by 3.5% during the second quarter. Nisa Investment Advisors LLC now owns 3,684 shares of the company’s stock worth $341,000 after acquiring an additional 126 shares during the last quarter. Blue Trust Inc. grew its stake in Credo Technology Group by 3.9% in the 2nd quarter. Blue Trust Inc. now owns 4,108 shares of the company’s stock worth $380,000 after acquiring an additional 154 shares during the period. Signaturefd LLC grew its stake in Credo Technology Group by 32.4% in the 2nd quarter. Signaturefd LLC now owns 703 shares of the company’s stock worth $65,000 after acquiring an additional 172 shares during the period. Finally, Main Management ETF Advisors LLC raised its holdings in Credo Technology Group by 1.7% in the 2nd quarter. Main Management ETF Advisors LLC now owns 11,728 shares of the company’s stock valued at $1,086,000 after acquiring an additional 192 shares during the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Trading Down 0.7%

CRDO stock opened at $143.89 on Friday. The company has a market cap of $25.99 billion, a PE ratio of 126.22 and a beta of 2.66. The stock has a 50-day moving average price of $157.26 and a two-hundred day moving average price of $134.13. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80.

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 analysts’ consensus estimates of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. During the same period last year, the business posted $0.07 EPS. The company’s quarterly revenue was up 272.1% compared to the same quarter last year. Equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

In related news, COO Yat Tung Lam sold 370,000 shares of Credo Technology Group stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the transaction, the chief operating officer owned 400,000 shares in the company, valued at approximately $61,276,000. The trade was a 48.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Daniel W. Fleming sold 112,580 shares of the company’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $138.20, for a total transaction of $15,558,556.00. Following the sale, the chief financial officer directly owned 458,678 shares of the company’s stock, valued at approximately $63,389,299.60. This trade represents a 19.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,241,246 shares of company stock valued at $189,271,083 over the last ninety days. Corporate insiders own 11.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Needham & Company LLC raised their price objective on Credo Technology Group from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Tuesday, December 2nd. New Street Research set a $240.00 target price on Credo Technology Group in a research report on Tuesday, December 2nd. Cowen reissued a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Susquehanna upped their price objective on shares of Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a research note on Wednesday, October 22nd. Finally, Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a report on Tuesday, December 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $206.85.

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.