Credo Technology Group Holding Ltd. $CRDO Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 74.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,098,369 shares of the company’s stock after acquiring an additional 468,145 shares during the period. The Manufacturers Life Insurance Company owned 0.65% of Credo Technology Group worth $44,110,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of CRDO. Mariner LLC acquired a new position in Credo Technology Group in the 4th quarter valued at $314,000. Northern Trust Corp raised its holdings in Credo Technology Group by 17.8% in the 4th quarter. Northern Trust Corp now owns 1,427,852 shares of the company’s stock valued at $95,966,000 after acquiring an additional 215,368 shares during the last quarter. Algert Global LLC raised its holdings in Credo Technology Group by 27.3% in the 4th quarter. Algert Global LLC now owns 167,547 shares of the company’s stock valued at $11,261,000 after acquiring an additional 35,880 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Credo Technology Group by 49.5% in the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company’s stock valued at $110,482,000 after acquiring an additional 543,940 shares during the last quarter. Finally, BNP Paribas Financial Markets acquired a new position in Credo Technology Group in the 4th quarter valued at $35,280,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Down 6.6%

Shares of Credo Technology Group stock opened at $123.06 on Monday. The company has a fifty day moving average price of $105.59 and a 200 day moving average price of $71.89. Credo Technology Group Holding Ltd. has a twelve month low of $24.08 and a twelve month high of $134.35. The stock has a market cap of $21.29 billion, a price-to-earnings ratio of 455.78, a price-to-earnings-growth ratio of 2.21 and a beta of 2.59.

Credo Technology Group (NASDAQ:CRDO) last announced its quarterly earnings results on Monday, June 2nd. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.08. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The firm had revenue of $170.00 million during the quarter, compared to analysts’ expectations of $159.59 million. During the same period in the prior year, the company earned $0.07 EPS. The firm’s revenue was up 179.6% on a year-over-year basis. Analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current year.

Insider Buying and Selling at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $107.12, for a total transaction of $5,891,600.00. Following the completion of the sale, the chief technology officer directly owned 7,108,961 shares of the company’s stock, valued at approximately $761,511,902.32. This represents a 0.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $97.29, for a total transaction of $368,729.10. Following the sale, the chief financial officer directly owned 582,428 shares of the company’s stock, valued at approximately $56,664,420.12. This trade represents a 0.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,274,583 shares of company stock valued at $113,118,257 in the last quarter. Company insiders own 11.84% of the company’s stock.

Wall Street Analysts Forecast Growth

CRDO has been the subject of a number of research analyst reports. Wall Street Zen downgraded Credo Technology Group from a “buy” rating to a “hold” rating in a report on Sunday, August 24th. Stifel Nicolaus upped their price objective on Credo Technology Group from $80.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, July 18th. Barclays set a $85.00 price objective on Credo Technology Group and gave the stock an “overweight” rating in a report on Tuesday, June 3rd. Mizuho upped their price objective on Credo Technology Group from $112.00 to $135.00 and gave the stock an “outperform” rating in a report on Thursday, August 14th. Finally, Cowen restated a “buy” rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. One analyst has rated the stock with a Strong Buy rating and twelve have given a Buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $91.27.

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.