Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D decreased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 2.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 55,103 shares of the company’s stock after selling 1,233 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Credo Technology Group were worth $3,703,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in CRDO. Allworth Financial LP boosted its position in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares during the period. Rakuten Securities Inc. acquired a new position in Credo Technology Group during the 3rd quarter worth $30,000. Brown Brothers Harriman & Co. boosted its position in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after acquiring an additional 1,001 shares during the period. WASHINGTON TRUST Co bought a new position in shares of Credo Technology Group in the fourth quarter worth $43,000. Finally, Principal Securities Inc. increased its holdings in shares of Credo Technology Group by 626.1% during the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Price Performance

Shares of CRDO opened at $71.76 on Thursday. The company has a market capitalization of $12.00 billion, a price-to-earnings ratio of -478.40 and a beta of 2.09. The business’s 50-day moving average is $72.38 and its 200-day moving average is $50.06. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 3,799 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.73, for a total value of $268,703.27. Following the transaction, the director now owns 1,709,926 shares in the company, valued at $120,943,065.98. The trade was a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the sale, the chief executive officer now directly owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,305,679 shares of company stock worth $89,862,242. 16.04% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CRDO has been the subject of several research analyst reports. Mizuho upped their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Needham & Company LLC upped their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Barclays raised their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Susquehanna initiated coverage on Credo Technology Group in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price for the company. Finally, Craig Hallum lifted their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

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.