Townsquare Capital LLC Buys Shares of 27,711 Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Key Points

• Townsquare Capital LLC acquired a new stake in Credo Technology Group by purchasing 27,711 shares valued at approximately $1,113,000 during the first quarter.
• Credo Technology Group's stock has experienced significant growth, with a 12-month revenue increase of 179.6% year-over-year and an EPS of $0.35 for the last quarter, exceeding estimates.
• Institutional investors now own 80.46% of Credo Technology Group's stock, indicating strong interest from the investment community.

Townsquare Capital LLC bought a new stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 27,711 shares of the company's stock, valued at approximately $1,113,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Ameriprise Financial Inc. lifted its stake in Credo Technology Group by 49.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock valued at $110,482,000 after acquiring an additional 543,940 shares during the period. Two Sigma Investments LP increased its position in shares of Credo Technology Group by 55.3% during the 4th quarter. Two Sigma Investments LP now owns 1,515,268 shares of the company's stock valued at $101,841,000 after purchasing an additional 539,766 shares during the last quarter. Polar Capital Holdings Plc increased its position in shares of Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock valued at $97,527,000 after purchasing an additional 1,150,084 shares during the last quarter. Northern Trust Corp increased its position in shares of Credo Technology Group by 17.8% during the 4th quarter. Northern Trust Corp now owns 1,427,852 shares of the company's stock valued at $95,966,000 after purchasing an additional 215,368 shares during the last quarter. Finally, Voloridge Investment Management LLC increased its position in shares of Credo Technology Group by 0.7% during the 4th quarter. Voloridge Investment Management LLC now owns 1,285,072 shares of the company's stock valued at $86,370,000 after purchasing an additional 8,335 shares during the last quarter. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Trading Down 3.1%

Credo Technology Group stock opened at $117.33 on Friday. The firm has a 50 day moving average of $96.83 and a 200 day moving average of $68.44. The firm has a market capitalization of $20.14 billion, a price-to-earnings ratio of 434.56, a P/E/G ratio of 2.17 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 12-month low of $24.08 and a 12-month high of $128.56.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last announced its quarterly earnings data 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. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The business had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. During the same period last year, the firm posted $0.07 EPS. The company's revenue was up 179.6% on a year-over-year basis. On average, analysts predict that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CRDO shares. TD Cowen upped their price target on shares of Credo Technology Group from $85.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. Stifel Nicolaus upped their price target on shares of Credo Technology Group from $80.00 to $115.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Susquehanna upped their price target on shares of Credo Technology Group from $90.00 to $115.00 and gave the company a "positive" rating in a research report on Tuesday, July 22nd. Mizuho set a $135.00 price target on shares of Credo Technology Group and gave the company an "outperform" rating in a research report on Thursday. Finally, Roth Capital set a $95.00 price target on shares of Credo Technology Group and gave the company a "buy" rating in a research 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 given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $91.27.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CEO William Joseph Brennan sold 46,444 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $106.87, for a total transaction of $4,963,470.28. Following the completion of the sale, the chief executive officer directly owned 393,338 shares of the company's stock, valued at $42,036,032.06. This trade represents a 10.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $107.00, for a total transaction of $200,625.00. Following the sale, the director directly owned 5,898,652 shares of the company's stock, valued at approximately $631,155,764. This trade represents a 0.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,274,583 shares of company stock valued at $113,118,257. Corporate insiders own 16.04% of the company's stock.

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.

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