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

Public Employees Retirement System of Ohio acquired a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 2nd quarter, Holdings Channel reports. The firm acquired 46,962 shares of the company’s stock, valued at approximately $12,771,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. City Center Advisors LLC boosted its position in Credo Technology Group by 2.1% during the 2nd quarter. City Center Advisors LLC now owns 2,595 shares of the company’s stock worth $706,000 after purchasing an additional 53 shares during the period. Versant Capital Management Inc raised its holdings in shares of Credo Technology Group by 8.0% during the 2nd quarter. Versant Capital Management Inc now owns 755 shares of the company’s stock valued at $205,000 after buying an additional 56 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Credo Technology Group by 16.2% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 552 shares of the company’s stock valued at $80,000 after buying an additional 77 shares during the period. QRG Capital Management Inc. lifted its position in Credo Technology Group by 1.7% during the 1st quarter. QRG Capital Management Inc. now owns 5,402 shares of the company’s stock worth $507,000 after acquiring an additional 91 shares in the last quarter. Finally, Bank of Nova Scotia boosted its holdings in Credo Technology Group by 1.6% in the 1st quarter. Bank of Nova Scotia now owns 6,026 shares of the company’s stock worth $566,000 after acquiring an additional 92 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Insider Buying and Selling

In other Credo Technology Group news, CFO Daniel W. Fleming sold 40,000 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $249.48, for a total value of $9,979,200.00. Following the sale, the chief financial officer directly owned 501,873 shares of the company’s stock, valued at $125,207,276.04. This trade represents a 7.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $218.57, for a total value of $12,017,852.88. Following the completion of the sale, the chief executive officer owned 367,327 shares in the company, valued at $80,286,662.39. The trade was a 13.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 435,076 shares of company stock valued at $101,043,506 in the last 90 days. Corporate insiders own 11.84% of the company’s stock.

Analyst Ratings Changes

CRDO has been the subject of several analyst reports. JPMorgan Chase & Co. upped their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the company an “overweight” rating in a research note on Tuesday, June 2nd. Weiss Ratings reiterated a “hold (c+)” rating on shares of Credo Technology Group in a report on Friday, August 21st. TD Cowen increased their price target on Credo Technology Group from $260.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, August 18th. Mizuho lifted their price objective on Credo Technology Group from $260.00 to $290.00 and gave the stock an “outperform” rating in a report on Tuesday, June 2nd. Finally, Zacks Research lowered shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $268.39.

Credo Technology Group Price Performance

CRDO opened at $232.75 on Monday. The company’s 50-day moving average price is $238.64 and its 200 day moving average price is $187.33. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67. The firm has a market cap of $43.74 billion, a price-to-earnings ratio of 93.85, a price-to-earnings-growth ratio of 1.06 and a beta of 3.23.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Monday, June 1st. The company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million during 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%.Credo Technology Group’s quarterly revenue was up 157.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.20 earnings per share. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current year.

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.