State of New Jersey Common Pension Fund D Sells 32,990 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

State of New Jersey Common Pension Fund D reduced its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 26.4% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 91,981 shares of the company’s stock after selling 32,990 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Credo Technology Group were worth $2,938,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CRDO. Amalgamated Bank lifted its position in Credo Technology Group by 9.7% during the fourth quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after purchasing an additional 1,454 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Credo Technology Group by 13.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock worth $18,658,000 after acquiring an additional 111,957 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Credo Technology Group by 20.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,573,707 shares of the company’s stock worth $30,642,000 after acquiring an additional 262,659 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Credo Technology Group in the fourth quarter valued at approximately $892,000. Finally, Trexquant Investment LP acquired a new position in Credo Technology Group during the fourth quarter valued at approximately $522,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Bank of America raised their target price on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a report on Thursday, September 5th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research note on Monday. Needham & Company LLC boosted their target price on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Craig Hallum raised their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Finally, Barclays upped their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $34.00.

Insider Activity

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the completion of the sale, the chief technology officer now owns 9,058,602 shares of the company’s stock, valued at approximately $255,633,748.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Lip Bu Tan sold 112,441 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $31.99, for a total value of $3,596,987.59. Following the transaction, the director now directly owns 133,583 shares of the company’s stock, valued at approximately $4,273,320.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $28.22, for a total value of $1,552,100.00. Following the sale, the chief technology officer now directly owns 9,058,602 shares of the company’s stock, valued at approximately $255,633,748.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,036,190 shares of company stock valued at $31,033,447. Insiders own 23.89% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $27.05 on Thursday. Credo Technology Group Holding Ltd has a 1 year low of $13.38 and a 1 year high of $36.80. The firm has a market cap of $4.47 billion, a PE ratio of -150.28 and a beta of 2.26. The company has a 50 day simple moving average of $29.63 and a 200 day simple moving average of $25.14.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo 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 HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP.