Andar Capital Management HK Ltd Has $14.85 Million Stock Position in Credo Technology Group Holding Ltd. $CRDO

Andar Capital Management HK Ltd lowered its stake in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 40.0% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 102,000 shares of the company’s stock after selling 68,000 shares during the quarter. Credo Technology Group makes up approximately 15.0% of Andar Capital Management HK Ltd’s portfolio, making the stock its largest holding. Andar Capital Management HK Ltd owned about 0.06% of Credo Technology Group worth $14,852,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Atlantic Union Bankshares Corp purchased a new position in Credo Technology Group during the 3rd quarter valued at about $25,000. First Horizon Corp purchased a new position in Credo Technology Group during the third quarter valued at approximately $26,000. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new stake in Credo Technology Group in the 2nd quarter worth approximately $27,000. Smartleaf Asset Management LLC boosted its holdings in Credo Technology Group by 133.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock valued at $38,000 after purchasing an additional 147 shares during the period. Finally, Park Place Capital Corp purchased a new position in shares of Credo Technology Group during the 3rd quarter valued at $41,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

Shares of NASDAQ:CRDO opened at $121.44 on Friday. The firm has a market capitalization of $21.94 billion, a P/E ratio of 106.53 and a beta of 2.65. The stock has a 50 day moving average price of $139.52 and a 200-day moving average price of $143.00. 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 issued its quarterly earnings results on Monday, December 1st. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.18. Credo Technology Group had a return on equity of 25.28% and a net margin of 26.63%.The company had revenue of $268.03 million for the quarter, compared to analysts’ expectations of $234.99 million. During the same period in the prior year, the firm earned $0.07 earnings per share. The firm’s revenue for the quarter was up 272.1% on a year-over-year basis. On average, equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CRDO. Mizuho raised their target price on shares of Credo Technology Group from $165.00 to $225.00 and gave the company an “outperform” rating in a research note on Tuesday, December 2nd. KGI Securities upgraded shares of Credo Technology Group from a “hold” rating to an “outperform” rating and set a $230.00 price objective on the stock in a research report on Tuesday, December 2nd. Wolfe Research set a $240.00 price objective on shares of Credo Technology Group in a report on Tuesday, December 2nd. TD Cowen reissued a “buy” rating on shares of Credo Technology Group in a research note on Tuesday, December 2nd. Finally, Needham & Company LLC restated a “buy” rating and set a $220.00 price target on shares of Credo Technology Group in a research report on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $212.69.

Insider Transactions at Credo Technology Group

In other news, COO Yat Tung Lam sold 370,000 shares of the company’s stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $153.19, for a total transaction of $56,680,300.00. Following the completion of the sale, the chief operating officer owned 400,000 shares of the company’s stock, valued at $61,276,000. This represents a 48.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, December 8th. The shares were sold at an average price of $174.70, for a total transaction of $9,608,500.00. Following the sale, the chief technology officer owned 6,613,961 shares of the company’s stock, valued at $1,155,458,986.70. This trade represents a 0.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 917,976 shares of company stock worth $136,567,647 in the last ninety days. Insiders own 11.84% of the company’s stock.

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.