TimesSquare Capital Management LLC Sells 21,232 Shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

TimesSquare Capital Management LLC cut its position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 4.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 426,900 shares of the company's stock after selling 21,232 shares during the period. TimesSquare Capital Management LLC owned about 0.25% of Credo Technology Group worth $17,144,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. SBI Securities Co. Ltd. increased its holdings in shares of Credo Technology Group by 85.4% in the 1st quarter. SBI Securities Co. Ltd. now owns 4,907 shares of the company's stock valued at $197,000 after acquiring an additional 2,261 shares during the period. Sigma Planning Corp purchased a new position in shares of Credo Technology Group in the 1st quarter valued at $247,000. Edgestream Partners L.P. purchased a new position in shares of Credo Technology Group in the 1st quarter valued at $5,523,000. Left Brain Wealth Management LLC purchased a new position in shares of Credo Technology Group in the 1st quarter valued at $307,000. Finally, CWM LLC increased its holdings in shares of Credo Technology Group by 109.5% in the 1st quarter. CWM LLC now owns 7,864 shares of the company's stock valued at $316,000 after acquiring an additional 4,111 shares during the period. 80.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CRDO has been the topic of a number of analyst reports. Noble Financial upgraded Credo Technology Group to a "strong-buy" rating in a report on Tuesday, June 3rd. Mizuho lifted their price target on Credo Technology Group from $81.00 to $98.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Cowen reiterated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Stifel Nicolaus boosted their target price on Credo Technology Group from $69.00 to $80.00 and gave the stock a "buy" rating in a research note on Tuesday, June 3rd. Finally, Barclays set a $85.00 target price on Credo Technology Group and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $82.45.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $98.70 on Tuesday. The stock's fifty day moving average price is $73.70 and its 200 day moving average price is $62.57. Credo Technology Group Holding Ltd. has a 1-year low of $22.50 and a 1-year high of $101.69. The company has a market cap of $16.94 billion, a price-to-earnings ratio of 365.56, a price-to-earnings-growth ratio of 1.77 and a beta of 2.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Monday, June 2nd. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.27 by $0.08. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. The company had revenue of $170.00 million during the quarter, compared to analysts' expectations of $159.59 million. During the same quarter in the previous year, the firm posted $0.07 EPS. The firm's revenue was up 179.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 12,248 shares of Credo Technology Group stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $93.22, for a total transaction of $1,141,758.56. Following the completion of the sale, the director owned 467,180 shares of the company's stock, valued at approximately $43,550,519.60. The trade was a 2.55% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Laufman sold 5,000 shares of Credo Technology Group stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $85.07, for a total value of $425,350.00. Following the sale, the insider directly owned 249,346 shares of the company's stock, valued at approximately $21,211,864.22. This represents a 1.97% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,078,139 shares of company stock worth $78,645,480. 16.04% of the stock is owned by insiders.

About Credo Technology Group

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.

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