TimesSquare Capital Management LLC Raises Stock Position in Credo Technology Group Holding Ltd. $CRDO

TimesSquare Capital Management LLC increased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 5.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 264,181 shares of the company’s stock after acquiring an additional 13,881 shares during the quarter. TimesSquare Capital Management LLC’s holdings in Credo Technology Group were worth $38,013,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Resona Asset Management Co. Ltd. increased its holdings in Credo Technology Group by 12,986.3% in the 4th quarter. Resona Asset Management Co. Ltd. now owns 45,802 shares of the company’s stock worth $6,596,000 after acquiring an additional 45,452 shares in the last quarter. Gables Capital Management Inc. purchased a new stake in Credo Technology Group in the 4th quarter worth $604,000. Csenge Advisory Group purchased a new stake in Credo Technology Group in the 4th quarter worth $554,000. Profund Advisors LLC increased its holdings in Credo Technology Group by 8.0% in the 4th quarter. Profund Advisors LLC now owns 11,041 shares of the company’s stock worth $1,589,000 after acquiring an additional 816 shares in the last quarter. Finally, ProShare Advisors LLC increased its holdings in Credo Technology Group by 22.8% in the 4th quarter. ProShare Advisors LLC now owns 48,240 shares of the company’s stock worth $6,941,000 after acquiring an additional 8,964 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 9.2%

Shares of CRDO opened at $156.27 on Tuesday. Credo Technology Group Holding Ltd. has a 52-week low of $57.21 and a 52-week high of $213.80. The firm’s fifty day moving average is $140.62 and its two-hundred day moving average is $142.39. The stock has a market cap of $28.82 billion, a PE ratio of 86.82 and a beta of 3.17.

Credo Technology Group (NASDAQ:CRDO) last announced its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.29. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The company had revenue of $407.01 million for the quarter, compared to analysts’ expectations of $385.94 million. During the same quarter in the previous year, the company posted $0.25 EPS. The firm’s quarterly revenue was up 201.5% on a year-over-year basis. As a group, research analysts anticipate that Credo Technology Group Holding Ltd. will post 2.36 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently commented on CRDO. Jefferies Financial Group began coverage on shares of Credo Technology Group in a report on Monday, April 13th. They issued a “buy” rating and a $175.00 price target for the company. Weiss Ratings lowered shares of Credo Technology Group from a “hold (c+)” rating to a “hold (c)” rating in a report on Friday, April 24th. Rosenblatt Securities boosted their price target on shares of Credo Technology Group from $125.00 to $175.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Mizuho cut their price target on shares of Credo Technology Group from $225.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, March 3rd. Finally, The Goldman Sachs Group boosted their price target on shares of Credo Technology Group from $150.00 to $170.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $207.71.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Friday, May 1st. The shares were sold at an average price of $178.99, for a total transaction of $4,922,225.00. Following the sale, the chief technology officer owned 6,024,870 shares of the company’s stock, valued at $1,078,391,481.30. The trade was a 0.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider James Laufman sold 10,000 shares of Credo Technology Group stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the sale, the insider directly owned 198,609 shares in the company, valued at approximately $32,653,305.69. This trade represents a 4.79% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 386,608 shares of company stock worth $50,371,351. Company insiders own 11.84% of the company’s stock.

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.