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

TimesSquare Capital Management LLC cut its position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 48.7% in the 4th quarter, Holdings Channel.com reports. The firm owned 448,132 shares of the company’s stock after selling 426,099 shares during the quarter. TimesSquare Capital Management LLC’s holdings in Credo Technology Group were worth $30,119,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Kestra Investment Management LLC bought a new position in Credo Technology Group during the 4th quarter valued at $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group during the 4th quarter valued at $43,000. Principal Securities Inc. boosted its stake in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after acquiring an additional 576 shares during the last quarter. Allworth Financial LP boosted its stake in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares during the last quarter. Finally, Rakuten Securities Inc. bought a new position in Credo Technology Group during the 3rd quarter valued at $30,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CRDO has been the topic of a number of research analyst reports. Barclays increased 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 note on Friday, January 17th. Craig Hallum increased their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Susquehanna assumed coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 target price on the stock. Needham & Company LLC increased their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Credo Technology Group Stock Up 6.4 %

CRDO stock opened at $75.24 on Wednesday. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The firm’s 50-day simple moving average is $72.16 and its 200 day simple moving average is $49.55. The stock has a market cap of $12.58 billion, a PE ratio of -501.60 and a beta of 2.09.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the transaction, the director now owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the transaction, the chief executive officer now directly owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. The trade was a 5.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,305,679 shares of company stock valued at $89,862,242 in the last quarter. Company insiders own 16.04% of the company’s stock.

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.