TimesSquare Capital Management LLC Sells 102,700 Shares of Credo Technology Group Holding Ltd. $CRDO

TimesSquare Capital Management LLC cut its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 29.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 250,300 shares of the company’s stock after selling 102,700 shares during the quarter. TimesSquare Capital Management LLC owned approximately 0.14% of Credo Technology Group worth $36,446,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new position in Credo Technology Group in the 3rd quarter valued at approximately $25,000. First Horizon Corp purchased a new position in Credo Technology Group during the third quarter valued at approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in Credo Technology Group during the 2nd quarter worth approximately $27,000. Smartleaf Asset Management LLC increased its holdings in shares of Credo Technology Group by 133.6% in the third quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after purchasing an additional 147 shares during the period. Finally, Park Place Capital Corp purchased a new position in Credo Technology Group during the third quarter worth about $41,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insider Buying and Selling

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $128.67, for a total transaction of $241,256.25. Following the transaction, the director owned 5,892,034 shares in the company, valued at approximately $758,128,014.78. This represents a 0.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 3,902 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $140.15, for a total transaction of $546,865.30. Following the sale, the chief financial officer owned 446,178 shares of the company’s stock, valued at approximately $62,531,846.70. This represents a 0.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 917,976 shares of company stock worth $136,567,647 in the last three months. 11.84% of the stock is currently owned by company insiders.

Credo Technology Group Trading Down 0.3%

Shares of NASDAQ:CRDO opened at $121.44 on Friday. The stock has a market capitalization of $21.94 billion, a price-to-earnings ratio of 106.53 and a beta of 2.65. Credo Technology Group Holding Ltd. has a 12-month low of $29.09 and a 12-month high of $213.80. The stock has a fifty day simple moving average of $139.52 and a two-hundred day simple moving average of $143.00.

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CRDO. Roth Mkm lowered their target price on shares of Credo Technology Group from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, February 10th. Bank of America increased their price target on shares of Credo Technology Group from $165.00 to $240.00 and gave the company a “buy” rating in a research report on Tuesday, December 2nd. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price target for the company in a research report on Tuesday, December 2nd. Wolfe Research set a $240.00 target price on Credo Technology Group in a report on Tuesday, December 2nd. Finally, Susquehanna lifted their target price on shares of Credo Technology Group from $165.00 to $175.00 and gave the stock a “positive” rating in a research note on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $212.69.

Credo Technology Group Company Profile

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.