Renaissance Group LLC Sells 70,922 Shares of Credo Technology Group Holding Ltd. $CRDO

Renaissance Group LLC trimmed its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 44.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 86,928 shares of the company’s stock after selling 70,922 shares during the period. Renaissance Group LLC’s holdings in Credo Technology Group were worth $12,658,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. California Public Employees Retirement System increased its stake in Credo Technology Group by 17.2% during the second quarter. California Public Employees Retirement System now owns 257,567 shares of the company’s stock valued at $23,848,000 after acquiring an additional 37,772 shares during the period. Optimize Financial Inc bought a new stake in shares of Credo Technology Group in the 3rd quarter worth approximately $1,431,000. Estate Counselors LLC acquired a new stake in shares of Credo Technology Group during the 3rd quarter worth approximately $2,548,000. Global Trust Asset Management LLC bought a new stake in shares of Credo Technology Group during the third quarter valued at approximately $2,167,000. Finally, New York State Common Retirement Fund raised its stake in shares of Credo Technology Group by 106.5% in the third quarter. New York State Common Retirement Fund now owns 146,134 shares of the company’s stock valued at $21,279,000 after purchasing an additional 75,369 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Trading Up 13.6%

Shares of Credo Technology Group stock opened at $111.40 on Friday. The stock has a market capitalization of $20.12 billion, a price-to-earnings ratio of 97.72 and a beta of 2.65. The firm’s 50-day moving average price is $145.04 and its two-hundred day moving average price is $141.88. Credo Technology Group Holding Ltd. has a 1-year low of $29.09 and a 1-year high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, December 1st. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.49 by $0.18. The business had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.Credo Technology Group’s revenue was up 272.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.07 EPS. As a group, equities research analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other Credo Technology Group news, CEO William Joseph Brennan sold 50,000 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.16, for a total transaction of $7,658,000.00. Following the sale, the chief executive officer owned 1,892,502 shares of the company’s stock, valued at $289,855,606.32. This represents a 2.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $174.70, for a total transaction of $9,608,500.00. Following the completion of the sale, the chief technology officer owned 6,613,961 shares of the company’s stock, valued at $1,155,458,986.70. The trade was a 0.82% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 917,976 shares of company stock valued at $136,567,647. 11.84% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CRDO has been the topic of a number of recent research reports. Mizuho lifted their price target on shares of Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 2nd. Roth Mkm lifted their target price on shares of Credo Technology Group from $170.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. Barclays reissued an “overweight” rating and issued a $260.00 target price on shares of Credo Technology Group in a research note on Thursday, January 15th. TD Cowen restated a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Finally, JPMorgan Chase & Co. started coverage on Credo Technology Group in a research note on Friday, October 17th. They issued an “overweight” rating and a $165.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $216.54.

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.