6,199 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Acquired by Teacher Retirement System of Texas

Teacher Retirement System of Texas acquired a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 6,199 shares of the company’s stock, valued at approximately $417,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after buying an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. Geode Capital Management LLC lifted its stake in Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after purchasing an additional 170,412 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Activity

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now directly owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. The trade was a 0.03 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lip Bu Tan sold 150,000 shares of the 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 sale, the director now directly owns 1,113,725 shares in the company, valued at $84,743,335.25. This represents a 11.87 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,030,665 shares of company stock valued at $69,289,092. 16.04% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on CRDO shares. Craig Hallum lifted their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus lifted their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Mizuho upped their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a report on Friday, January 10th. Bank of America reduced their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Finally, The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Stock Performance

NASDAQ:CRDO opened at $40.16 on Tuesday. The stock has a market capitalization of $6.82 billion, a P/E ratio of -267.73 and a beta of 2.16. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The company has a 50 day moving average price of $59.78 and a 200 day moving average price of $54.01.

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.