VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in Credo Technology Group Holding Ltd. $CRDO

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 46,801 shares of the company’s stock, valued at approximately $12,728,000.

A number of other institutional investors also recently bought and sold shares of CRDO. Orion Capital Management LLC purchased a new position in Credo Technology Group during the second quarter worth $27,000. Reflection Asset Management bought a new stake in shares of Credo Technology Group in the 4th quarter worth about $25,000. Acumen Wealth Advisors LLC purchased a new position in shares of Credo Technology Group during the 4th quarter worth about $25,000. Van ECK Associates Corp purchased a new stake in Credo Technology Group in the 4th quarter worth about $37,000. Finally, Quarry LP raised its position in Credo Technology Group by 642.5% in the 3rd quarter. Quarry LP now owns 297 shares of the company’s stock worth $43,000 after purchasing an additional 257 shares during the period. 80.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CRDO shares. Wall Street Zen cut Credo Technology Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Evercore set a $292.00 price target on Credo Technology Group in a research note on Wednesday, September 2nd. Roth Capital boosted their price objective on Credo Technology Group from $200.00 to $300.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Needham & Company LLC upped their price objective on Credo Technology Group from $220.00 to $275.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Finally, Jefferies Financial Group increased their target price on Credo Technology Group from $225.00 to $270.00 and gave the stock a “buy” rating in a research note 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 issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $267.39.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $170.57 on Tuesday. The firm has a market cap of $32.06 billion, a PE ratio of 60.70, a price-to-earnings-growth ratio of 0.68 and a beta of 3.22. The firm’s 50 day simple moving average is $228.81 and its 200-day simple moving average is $189.80. Credo Technology Group Holding Ltd. has a one year low of $86.49 and a one year high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.17 by $0.03. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The firm had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. During the same quarter in the previous year, the business earned $0.52 earnings per share. Credo Technology Group’s quarterly revenue was up 114.7% on a year-over-year basis. Equities research analysts predict that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Yat Lam sold 55,441 shares of the stock in a transaction on Friday, July 31st. The stock was 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 approximately $538,763,580.38. This represents a 2.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel Fleming sold 7,580 shares of the firm’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the transaction, the chief financial officer owned 504,708 shares in the company, valued at approximately $124,097,603.04. This represents a 1.48% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 376,784 shares of company stock worth $88,299,791. 9.06% of the stock is currently owned by company insiders.

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.