New York State Common Retirement Fund Has $1.51 Million Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

New York State Common Retirement Fund raised its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 20.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 77,611 shares of the company’s stock after buying an additional 13,408 shares during the quarter. New York State Common Retirement Fund owned 0.05% of Credo Technology Group worth $1,511,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRDO. Quadrature Capital Ltd bought a new position in Credo Technology Group during the 3rd quarter worth approximately $166,000. Victory Capital Management Inc. bought a new position in shares of Credo Technology Group during the third quarter worth $179,000. Glenmede Trust Co. NA acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at $215,000. Handelsbanken Fonder AB bought a new stake in shares of Credo Technology Group in the 4th quarter valued at $339,000. Finally, Versor Investments LP acquired a new stake in Credo Technology Group during the 3rd quarter worth $359,000. Institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling

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

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $17.34 on Friday. The stock has a market capitalization of $2.83 billion, a PE ratio of -75.39 and a beta of 2.03. The company’s 50-day moving average price is $19.98 and its two-hundred day moving average price is $19.36. Credo Technology Group Holding Ltd has a one year low of $7.66 and a one year high of $23.90.

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

Analyst Upgrades and Downgrades

CRDO has been the subject of several recent analyst reports. TD Cowen increased their price target 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. Needham & Company LLC raised their target price on shares of Credo Technology Group from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Wednesday, February 28th. Mizuho reiterated a “buy” rating and issued a $30.00 price target (up previously from $28.00) on shares of Credo Technology Group in a report on Wednesday, February 28th. Craig Hallum increased their price objective on shares of Credo Technology Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Finally, The Goldman Sachs Group increased their target price 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 analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $24.25.

Credo Technology Group Profile

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.