Arizona State Retirement System Has $2.75 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Arizona State Retirement System increased its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 1.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 40,931 shares of the company’s stock after buying an additional 501 shares during the quarter. Arizona State Retirement System’s holdings in Credo Technology Group were worth $2,751,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRDO. JPMorgan Chase & Co. lifted its position in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares in the last quarter. Swedbank AB lifted its position in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the period. Geode Capital Management LLC boosted its stake in Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after buying an additional 170,412 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Mizuho raised their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. TD Cowen upped their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Barclays raised their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Finally, Susquehanna decreased their price target on Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 5th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $74.90.

Insider Activity

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total value of $265,034.70. Following the completion of the sale, the chief financial officer now owns 652,666 shares in the company, valued at approximately $45,640,933.38. This trade represents a 0.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the transaction, the director now directly owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,190,496 shares of company stock worth $82,695,512. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Price Performance

CRDO stock opened at $43.70 on Monday. The business has a fifty day moving average price of $68.69 and a 200 day moving average price of $52.43. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The stock has a market capitalization of $7.31 billion, a price-to-earnings ratio of -291.33 and a beta of 2.16.

Credo Technology Group Company Profile

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.