Credo Technology Group Holding Ltd. $CRDO Shares Bought by TimesSquare Capital Management LLC

Key Points

• TimesSquare Capital Management increased its CRDO stake by 5.5% in the fourth quarter, bringing its holdings to 264,181 shares valued at about $38.0 million. Institutional investors now own roughly 80.46% of Credo Technology Group.
• Credo reported better-than-expected quarterly results, with EPS of $1.07 versus $0.78 expected and revenue of $407.0 million versus $385.9 million forecast. Revenue surged 201.5% year over year, and analysts now expect full-year EPS of 2.36.
• Despite the strong fundamentals, the stock was down 9.2% in Tuesday trading to $156.27. Wall Street remains broadly positive, with a consensus rating of Moderate Buy and an average price target of $207.71.

TimesSquare Capital Management LLC increased its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 5.5% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 264,181 shares of the company's stock after purchasing an additional 13,881 shares during the period. TimesSquare Capital Management LLC owned 0.15% of Credo Technology Group worth $38,013,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of CRDO. Atlantic Union Bankshares Corp acquired a new stake in Credo Technology Group in the 3rd quarter worth approximately $25,000. Crewe Advisors LLC boosted its stake in Credo Technology Group by 163.1% in the 4th quarter. Crewe Advisors LLC now owns 171 shares of the company's stock worth $25,000 after purchasing an additional 106 shares in the last quarter. First Horizon Corp acquired a new stake in Credo Technology Group during the 3rd quarter valued at approximately $26,000. Flagship Harbor Advisors LLC acquired a new stake in Credo Technology Group during the 4th quarter valued at approximately $32,000. Finally, Smallwood Wealth Investment Management LLC acquired a new stake in Credo Technology Group during the 4th quarter valued at approximately $36,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Down 9.2%

Shares of NASDAQ CRDO opened at $156.27 on Tuesday. The stock has a market cap of $28.82 billion, a price-to-earnings ratio of 86.82 and a beta of 3.17. The company has a 50 day simple moving average of $140.62 and a two-hundred day simple moving average of $142.39. Credo Technology Group Holding Ltd. has a 12 month low of $57.21 and a 12 month high of $213.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its earnings results on Monday, March 2nd. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.29. The firm had revenue of $407.01 million during the quarter, compared to analyst estimates of $385.94 million. Credo Technology Group had a net margin of 31.81% and a return on equity of 29.63%. The business's quarterly revenue was up 201.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 EPS. Analysts forecast that Credo Technology Group Holding Ltd. will post 2.36 EPS for the current year.

Wall Street Analysts Forecast Growth

CRDO has been the subject of several research reports. Weiss Ratings cut shares of Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, April 24th. Jefferies Financial Group initiated coverage on shares of Credo Technology Group in a research note on Monday, April 13th. They set a "buy" rating and a $175.00 price objective for the company. Rosenblatt Securities lifted their price objective on shares of Credo Technology Group from $125.00 to $175.00 and gave the company a "neutral" rating in a research note on Wednesday, April 15th. Mizuho decreased their price objective on shares of Credo Technology Group from $225.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, March 3rd. Finally, Susquehanna decreased their price objective on shares of Credo Technology Group from $230.00 to $170.00 and set a "positive" rating for the company in a research note on Tuesday, March 3rd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $207.71.

Insider Activity at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 27,500 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total transaction of $3,234,000.00. Following the completion of the transaction, the chief technology officer directly owned 6,272,370 shares of the company's stock, valued at $737,630,712. The trade was a 0.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Joseph Brennan sold 50,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the transaction, the chief executive officer directly owned 1,782,502 shares of the company's stock, valued at approximately $209,764,835.36. This trade represents a 2.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 386,608 shares of company stock valued at $50,371,351. Insiders own 11.84% of the company's stock.

Credo Technology Group 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.

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