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

Arizona State Retirement System increased its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 1.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 40,931 shares of the company’s stock after purchasing an additional 501 shares during the period. Arizona State Retirement System’s holdings in Credo Technology Group were worth $2,751,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CRDO. Rakuten Securities Inc. purchased a new stake in shares of Credo Technology Group in the third quarter valued at $30,000. Brown Brothers Harriman & Co. lifted its stake in Credo Technology Group by 695.1% in 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 in the last quarter. Kestra Investment Management LLC acquired a new stake in Credo Technology Group during the 4th quarter worth about $38,000. WASHINGTON TRUST Co purchased a new position in Credo Technology Group during the 4th quarter valued at about $43,000. Finally, Principal Securities Inc. grew its stake in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Barclays lifted their target price 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 dropped their price target on shares of 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. Bank of America reduced their price objective on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average target price of $74.90.

Credo Technology Group Stock Performance

CRDO opened at $43.70 on Monday. The stock has a 50-day moving average of $68.69 and a 200-day moving average of $52.43. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The company has a market cap of $7.31 billion, a PE ratio of -291.33 and a beta of 2.16.

Insiders Place Their Bets

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the completion of the sale, the chief operating officer now directly owns 1,000,000 shares in the company, valued at $61,130,000. This represents a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total value of $265,034.70. Following the completion of the transaction, the chief financial officer now owns 652,666 shares in the company, valued at $45,640,933.38. The trade was a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,190,496 shares of company stock valued at $82,695,512 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

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.