TimesSquare Capital Management LLC Has $26.93 Million Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

TimesSquare Capital Management LLC grew its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 2.4% during the third quarter, Holdings Channel.com reports. The firm owned 874,231 shares of the company’s stock after buying an additional 20,431 shares during the period. TimesSquare Capital Management LLC’s holdings in Credo Technology Group were worth $26,926,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Allworth Financial LP increased its stake in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares during the period. Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group during the 2nd quarter valued at $29,000. Fifth Third Bancorp increased its stake in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares during the last quarter. Covestor Ltd raised its holdings in shares of Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after acquiring an additional 1,924 shares in the last quarter. Finally, CWM LLC boosted its position in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $27.67, for a total transaction of $276,700.00. Following the completion of the transaction, the chief operating officer now directly owns 2,807,777 shares in the company, valued at $77,691,189.59. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $27.67, for a total transaction of $276,700.00. Following the transaction, the chief operating officer now owns 2,807,777 shares of the company’s stock, valued at approximately $77,691,189.59. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $25.75, for a total transaction of $3,704,910.00. Following the transaction, the chief executive officer now directly owns 2,529,738 shares in the company, valued at $65,140,753.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,334,817 shares of company stock worth $42,933,686 in the last 90 days. 16.04% of the stock is owned by company insiders.

Credo Technology Group Trading Up 2.1 %

Shares of Credo Technology Group stock opened at $48.00 on Friday. The stock has a market capitalization of $7.97 billion, a price-to-earnings ratio of -300.00 and a beta of 2.19. Credo Technology Group Holding Ltd has a 1-year low of $14.98 and a 1-year high of $48.32. The firm has a fifty day simple moving average of $34.18 and a 200-day simple moving average of $29.21.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The firm had revenue of $59.71 million for the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. As a group, research analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CRDO. The Goldman Sachs Group upped their target price on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Bank of America increased their price objective on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a report on Thursday, September 5th. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Barclays lifted their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an “overweight” rating in a research note on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $36.56.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, 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, as well as integrated circuits, active electrical cables.