Credo Technology Group Holding Ltd. (NASDAQ:CRDO) is Andar Capital Management HK Ltd's Largest Position

Key Points

• Andar Capital Management HK Ltd has increased its stake in Credo Technology Group Holding Ltd. by 13.7% in the first quarter, making it the largest position in the fund with approximately 13.5% of its holdings.
• Several hedge funds have purchased new stakes in Credo, with institutional investors owning 80.46% of the company’s stock.
• Equity analysts have raised their target prices for Credo's stock, with estimated target prices ranging from $80.00 to $115.00, reflecting a strong buy sentiment.

Andar Capital Management HK Ltd raised its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 13.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 174,000 shares of the company's stock after acquiring an additional 21,000 shares during the period. Credo Technology Group accounts for approximately 13.5% of Andar Capital Management HK Ltd's portfolio, making the stock its largest position. Andar Capital Management HK Ltd owned approximately 0.10% of Credo Technology Group worth $6,988,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group in the first quarter valued at about $27,000. Harbour Investments Inc. acquired a new stake in Credo Technology Group in the first quarter valued at about $29,000. Optimum Investment Advisors acquired a new stake in Credo Technology Group in the first quarter valued at about $52,000. Larson Financial Group LLC lifted its position in Credo Technology Group by 21.5% in the first quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after purchasing an additional 245 shares during the period. Finally, Quarry LP acquired a new stake in Credo Technology Group in the fourth quarter valued at about $58,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Insider Buying and Selling at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $107.00, for a total transaction of $200,625.00. Following the completion of the sale, the director owned 5,898,652 shares of the company's stock, valued at $631,155,764. This represents a 0.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction dated Thursday, July 10th. The shares were sold at an average price of $97.29, for a total transaction of $368,729.10. Following the sale, the chief financial officer directly owned 582,428 shares of the company's stock, valued at approximately $56,664,420.12. This represents a 0.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,274,583 shares of company stock worth $113,118,257 in the last quarter. 16.04% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CRDO has been the subject of a number of recent analyst reports. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the company an "overweight" rating in a research report on Tuesday, June 3rd. Needham & Company LLC increased their target price on shares of Credo Technology Group from $80.00 to $85.00 and gave the company a "buy" rating in a report on Tuesday, June 3rd. Susquehanna increased their target price on shares of Credo Technology Group from $90.00 to $115.00 and gave the company a "positive" rating in a report on Tuesday, July 22nd. Noble Financial raised shares of Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Finally, Roth Capital set a $95.00 target price on shares of Credo Technology Group and gave the company a "buy" rating in a report on Friday, June 13th. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $87.91.

Credo Technology Group Trading Up 6.4%

CRDO stock traded up $7.05 during trading on Wednesday, reaching $117.34. The stock had a trading volume of 4,490,758 shares, compared to its average volume of 5,304,203. Credo Technology Group Holding Ltd. has a 1-year low of $24.08 and a 1-year high of $118.95. The company has a market capitalization of $20.14 billion, a P/E ratio of 434.59, a PEG ratio of 2.06 and a beta of 2.59. The firm has a fifty day moving average price of $89.45 and a 200 day moving average price of $66.32.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million for the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The company's revenue for the quarter was up 179.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.07 EPS. Sell-side analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

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.