Andar Capital Management HK Ltd Trims Holdings in Credo Technology Group Holding Ltd. $CRDO

Andar Capital Management HK Ltd reduced its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 40.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 102,000 shares of the company’s stock after selling 68,000 shares during the period. Credo Technology Group accounts for 15.0% of Andar Capital Management HK Ltd’s investment portfolio, making the stock its largest holding. Andar Capital Management HK Ltd’s holdings in Credo Technology Group were worth $14,852,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of CRDO. Vanguard Group Inc. grew its holdings in shares of Credo Technology Group by 2.7% in the second quarter. Vanguard Group Inc. now owns 16,375,368 shares of the company’s stock valued at $1,516,195,000 after purchasing an additional 430,445 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Credo Technology Group by 36.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 6,508,934 shares of the company’s stock worth $602,662,000 after buying an additional 1,739,844 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Credo Technology Group by 4.7% during the 2nd quarter. Geode Capital Management LLC now owns 3,607,922 shares of the company’s stock valued at $334,740,000 after buying an additional 163,305 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Credo Technology Group by 66.0% in the 2nd quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company’s stock valued at $283,778,000 after purchasing an additional 1,218,504 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Credo Technology Group by 63.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,524,788 shares of the company’s stock valued at $61,235,000 after purchasing an additional 589,151 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Down 0.3%

Shares of NASDAQ:CRDO opened at $121.44 on Friday. The firm has a 50 day moving average of $139.52 and a 200 day moving average of $143.00. The company has a market capitalization of $21.94 billion, a price-to-earnings ratio of 106.53 and a beta of 2.65. Credo Technology Group Holding Ltd. has a 52 week low of $29.09 and a 52 week high of $213.80.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.18. The business had revenue of $268.03 million for the quarter, compared to the consensus estimate of $234.99 million. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The business’s revenue was up 272.1% compared to the same quarter last year. During the same period last year, the business posted $0.07 EPS. On average, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $174.70, for a total transaction of $9,608,500.00. Following the transaction, the chief technology officer directly owned 6,613,961 shares of the company’s stock, valued at approximately $1,155,458,986.70. This represents a 0.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 50,000 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $153.16, for a total value of $7,658,000.00. Following the sale, the chief executive officer owned 1,892,502 shares in the company, valued at $289,855,606.32. The trade was a 2.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 917,976 shares of company stock worth $136,567,647. 11.84% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently weighed in on CRDO shares. Susquehanna increased their price target on Credo Technology Group from $165.00 to $175.00 and gave the company a “positive” rating in a report on Wednesday, October 22nd. Rosenblatt Securities assumed coverage on shares of Credo Technology Group in a research note on Wednesday, January 21st. They issued a “neutral” rating and a $170.00 target price on the stock. Barclays reaffirmed an “overweight” rating and set a $260.00 price target on shares of Credo Technology Group in a research note on Thursday, January 15th. Mizuho increased their price objective on shares of Credo Technology Group from $165.00 to $225.00 and gave the stock an “outperform” rating in a research report on Tuesday, December 2nd. Finally, Needham & Company LLC restated a “buy” rating and set a $220.00 target price on shares of Credo Technology Group in a research report on Tuesday, February 10th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $212.69.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high‑speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low‑latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high‑speed analog and mixed‑signal devices designed to preserve signal integrity and extend reach over copper and optical links.