46,962 Shares in Credo Technology Group Holding Ltd. $CRDO Bought by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio purchased a new stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 46,962 shares of the company’s stock, valued at approximately $12,771,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. State Street Corp increased its holdings in Credo Technology Group by 23.4% during the 4th quarter. State Street Corp now owns 4,486,320 shares of the company’s stock valued at $645,537,000 after acquiring an additional 849,654 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Credo Technology Group by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company’s stock valued at $555,117,000 after purchasing an additional 184,676 shares during the last quarter. Corient Private Wealth LLC grew its position in shares of Credo Technology Group by 239,024.5% in the fourth quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company’s stock valued at $517,835,000 after purchasing an additional 3,597,318 shares during the last quarter. Alliancebernstein L.P. increased its stake in shares of Credo Technology Group by 66.0% during the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock worth $283,778,000 after purchasing an additional 1,218,504 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Credo Technology Group by 161.5% during the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company’s stock worth $331,710,000 after purchasing an additional 1,406,752 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CRDO. Evercore assumed coverage on Credo Technology Group in a research note on Monday, June 22nd. They issued an “outperform” rating and a $325.00 target price on the stock. Stifel Nicolaus upped their price objective on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research report on Monday, June 22nd. Jefferies Financial Group increased their price objective on Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. The Goldman Sachs Group reissued a “buy” rating and issued a $250.00 target price on shares of Credo Technology Group in a research note on Tuesday, June 2nd. Finally, Roth Capital upped their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and a consensus price target of $268.39.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $232.75 on Monday. The company has a market cap of $43.74 billion, a P/E ratio of 93.85, a P/E/G ratio of 1.06 and a beta of 3.23. The business has a fifty day simple moving average of $238.64 and a 200-day simple moving average of $187.33. Credo Technology Group Holding Ltd. has a 52 week low of $86.49 and a 52 week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.14. The firm had revenue of $437.00 million for the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The firm’s revenue for the quarter was up 157.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.20 earnings per share. Sell-side analysts expect that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 55,441 shares of the stock in a transaction that occurred on Friday, July 31st. The shares were sold at an average price of $213.02, for a total transaction of $11,810,041.82. Following the transaction, the chief operating officer owned 2,529,169 shares of the company’s stock, valued at $538,763,580.38. This trade represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of Credo Technology Group stock in a transaction on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the transaction, the chief executive officer owned 367,327 shares in the company, valued at approximately $80,286,662.39. This trade represents a 13.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 435,076 shares of company stock worth $101,043,506. 11.84% of the stock is currently owned by company insiders.

Credo Technology Group Profile

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.