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

TimesSquare Capital Management LLC lessened its stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 48.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 448,132 shares of the company's stock after selling 426,099 shares during the quarter. TimesSquare Capital Management LLC owned approximately 0.27% of Credo Technology Group worth $30,119,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Point72 Hong Kong Ltd purchased a new stake in Credo Technology Group during the third quarter valued at $3,948,000. Wellington Management Group LLP raised its stake in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock valued at $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Centiva Capital LP purchased a new stake in Credo Technology Group during the third quarter valued at $553,000. Charles Schwab Investment Management Inc. raised its stake in Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company's stock valued at $35,006,000 after purchasing an additional 95,335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company's stock valued at $7,507,000 after purchasing an additional 118,169 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on CRDO. TD Cowen boosted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. Barclays boosted their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Susquehanna began coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They set a "neutral" rating and a $80.00 price objective on the stock. Finally, Craig Hallum boosted their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $76.40.

Insiders Place Their Bets

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.57, for a total transaction of $2,671,350.00. Following the transaction, the chief technology officer now directly owns 8,618,602 shares in the company, valued at $418,605,499.14. This represents a 0.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Daniel W. Fleming sold 12,504 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $48.48, for a total transaction of $606,193.92. Following the sale, the chief financial officer now directly owns 656,456 shares of the company's stock, valued at approximately $31,824,986.88. The trade was a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,305,679 shares of company stock worth $89,862,242 in the last three months. Corporate insiders own 16.04% of the company's stock.

Credo Technology Group Trading Down 6.3 %

Shares of NASDAQ CRDO traded down $4.50 during mid-day trading on Friday, reaching $66.78. The company had a trading volume of 4,173,687 shares, compared to its average volume of 5,220,462. Credo Technology Group Holding Ltd has a 52 week low of $16.82 and a 52 week high of $86.69. The business's 50-day moving average is $72.26 and its 200-day moving average is $50.50. The stock has a market cap of $11.17 billion, a price-to-earnings ratio of -445.20 and a beta of 2.09.

Credo Technology Group 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.