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

TimesSquare Capital Management LLC trimmed its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 29.1% in the 3rd quarter, HoldingsChannel reports. The fund owned 250,300 shares of the company’s stock after selling 102,700 shares during the quarter. TimesSquare Capital Management LLC’s holdings in Credo Technology Group were worth $36,446,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Atlantic Union Bankshares Corp bought a new stake in shares of Credo Technology Group in the third quarter worth about $25,000. First Horizon Corp purchased a new stake in Credo Technology Group in the 3rd quarter worth $26,000. Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in Credo Technology Group during the second quarter worth about $27,000. Smartleaf Asset Management LLC raised its stake in Credo Technology Group by 133.6% during 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 stake in Credo Technology Group in the third quarter valued at approximately $41,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Monday, December 8th. The shares were sold at an average price of $174.70, for a total value 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 approximately $1,155,458,986.70. The trade was a 0.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 370,000 shares of the stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the transaction, the chief operating officer directly owned 400,000 shares in the company, valued at $61,276,000. The trade was a 48.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 917,976 shares of company stock valued at $136,567,647 in the last ninety days. Corporate insiders own 11.84% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CRDO shares. Barclays restated an “overweight” rating and set a $260.00 price objective on shares of Credo Technology Group in a research report on Thursday, January 15th. Rosenblatt Securities initiated coverage on Credo Technology Group in a research report on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 price objective for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price target on shares of Credo Technology Group in a research note on Tuesday, February 10th. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 target price on the stock in a research report on Tuesday, December 2nd. Finally, Zacks Research cut shares of Credo Technology Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, February 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $212.69.

Credo Technology Group Trading Down 0.3%

NASDAQ:CRDO opened at $121.44 on Friday. The firm’s fifty day simple moving average is $139.52 and its 200 day simple moving average is $143.00. Credo Technology Group Holding Ltd. has a twelve month low of $29.09 and a twelve month high of $213.80. The firm 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 (NASDAQ:CRDO) last released its quarterly earnings data on Monday, December 1st. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million for the quarter, compared to analyst estimates of $234.99 million. During the same period last year, the company posted $0.07 earnings per share. The firm’s revenue was up 272.1% compared to the same quarter last year. On average, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

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.