18,590 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Purchased by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO – Get Rating) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 18,590 shares of the company’s stock, valued at approximately $247,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada acquired a new stake in shares of Credo Technology Group during the 1st quarter valued at approximately $26,000. Ameritas Investment Partners Inc. acquired a new stake in Credo Technology Group during the 1st quarter valued at $26,000. IFP Advisors Inc purchased a new position in Credo Technology Group during the third quarter worth $27,000. UBS Group AG acquired a new position in shares of Credo Technology Group in the first quarter worth $69,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Credo Technology Group by 2,557.2% in the third quarter. Tower Research Capital LLC TRC now owns 9,566 shares of the company’s stock valued at $105,000 after acquiring an additional 9,206 shares in the last quarter. Hedge funds and other institutional investors own 40.46% of the company’s stock.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 2,590 shares of the company’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $10.42, for a total transaction of $26,987.80. Following the completion of the sale, the chief operating officer now directly owns 3,126,298 shares in the company, valued at $32,576,025.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO William Joseph Brennan sold 24,446 shares of the company’s stock in a transaction dated Thursday, March 9th. The shares were sold at an average price of $9.95, for a total transaction of $243,237.70. Following the completion of the transaction, the chief executive officer now owns 225,554 shares of the company’s stock, valued at $2,244,262.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Yat Tung Lam sold 2,590 shares of the stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $10.42, for a total transaction of $26,987.80. Following the completion of the transaction, the chief operating officer now directly owns 3,126,298 shares of the company’s stock, valued at approximately $32,576,025.16. The disclosure for this sale can be found here. Insiders sold 76,073 shares of company stock worth $784,391 over the last ninety days. Company insiders own 34.20% of the company’s stock.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $10.20 on Monday. The stock has a market capitalization of $1.52 billion, a P/E ratio of -255.00 and a beta of 1.86. Credo Technology Group Holding Ltd has a 1 year low of $7.20 and a 1 year high of $19.46. The business’s fifty day moving average is $8.57 and its two-hundred day moving average is $12.06.

Credo Technology Group (NASDAQ:CRDO – Get Rating) last posted its quarterly earnings results on Wednesday, March 1st. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. Credo Technology Group had a negative net margin of 3.15% and a positive return on equity of 2.80%. The business had revenue of $54.27 million for the quarter, compared to analysts’ expectations of $52.00 million. On average, research analysts forecast that Credo Technology Group Holding Ltd will post -0.06 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on CRDO. BNP Paribas began coverage on Credo Technology Group in a research note on Tuesday, February 28th. They set an “outperform” rating and a $13.00 price objective on the stock. Cowen lowered Credo Technology Group from an “outperform” rating to a “market perform” rating and set a $11.00 price objective on the stock. in a research note on Wednesday, February 15th. Mizuho reduced their price target on Credo Technology Group from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday, February 15th. Cowen downgraded Credo Technology Group from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $18.00 to $11.00 in a report on Wednesday, February 15th. Finally, Roth Mkm dropped their price objective on shares of Credo Technology Group from $20.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, February 15th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.33.

Credo Technology Group Profile

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Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, Mainland China, Hong Kong, and internationally. Its products include integrated circuits, active electrical cables, and SerDes chiplets that are based on its serializer/deserializer and digital signal processor technologies.