TimesSquare Capital Management LLC Grows Stock Holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

TimesSquare Capital Management LLC grew its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 2.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 874,231 shares of the company's stock after purchasing an additional 20,431 shares during the period. TimesSquare Capital Management LLC owned about 0.53% of Credo Technology Group worth $26,926,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Assetmark Inc. increased its holdings in Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company's stock worth $153,000 after buying an additional 257 shares in the last quarter. Fifth Third Bancorp lifted its position in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company's stock valued at $34,000 after purchasing an additional 400 shares during the period. CWM LLC boosted its holdings in Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company's stock worth $43,000 after purchasing an additional 594 shares during the last quarter. US Bancorp DE grew its position in Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company's stock worth $499,000 after purchasing an additional 649 shares during the period. Finally, Allworth Financial LP grew its holdings in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company's stock worth $26,000 after acquiring an additional 771 shares during the period. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock traded up $0.98 during trading on Friday, reaching $48.00. 2,901,003 shares of the stock traded hands, compared to its average volume of 2,341,224. Credo Technology Group Holding Ltd has a 52-week low of $14.98 and a 52-week high of $48.32. The business has a fifty day simple moving average of $34.18 and a two-hundred day simple moving average of $29.29. The company 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 (NASDAQ:CRDO - Get Free Report) last announced its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to analysts' expectations of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. On average, research analysts predict that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current fiscal year.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Monday, August 19th. The stock was sold at an average price of $31.08, for a total value of $1,709,400.00. Following the transaction, the chief technology officer now owns 9,168,602 shares of the company's stock, valued at $284,960,150.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $27.67, for a total value of $276,700.00. Following the transaction, the chief operating officer now owns 2,807,777 shares of the company's stock, valued at $77,691,189.59. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Monday, August 19th. The stock was sold at an average price of $31.08, for a total value of $1,709,400.00. Following the completion of the sale, the chief technology officer now owns 9,168,602 shares of the company's stock, valued at $284,960,150.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,334,817 shares of company stock worth $42,933,686. 16.04% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CRDO. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a "buy" rating in a research note on Friday, September 6th. Mizuho increased their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an "outperform" rating in a research report on Monday, October 14th. Craig Hallum boosted their price objective on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a "buy" rating in a research report on Thursday, September 5th. Bank of America raised their target price on Credo Technology Group from $25.00 to $27.00 and gave the stock an "underperform" rating in a report on Thursday, September 5th. Finally, Stifel Nicolaus boosted their price target on Credo Technology Group from $40.00 to $42.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Credo Technology Group presently has an average rating of "Moderate Buy" and a consensus target price of $36.56.

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.