The Manufacturers Life Insurance Company Has $131.04 Million Stock Position in Credo Technology Group Holding Ltd. $CRDO

The Manufacturers Life Insurance Company lowered its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 54.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 482,051 shares of the company’s stock after selling 565,033 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Credo Technology Group were worth $131,036,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. NewEdge Advisors LLC lifted its stake in shares of Credo Technology Group by 128.4% in the first quarter. NewEdge Advisors LLC now owns 7,066 shares of the company’s stock worth $284,000 after buying an additional 3,972 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Credo Technology Group by 63.0% in the first 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. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Credo Technology Group by 2.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 310,763 shares of the company’s stock worth $12,480,000 after buying an additional 7,107 shares during the period. CW Advisors LLC acquired a new position in Credo Technology Group during the 2nd quarter valued at $288,000. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Credo Technology Group by 198.2% in the second quarter. EverSource Wealth Advisors LLC now owns 501 shares of the company’s stock valued at $46,000 after buying an additional 333 shares during the period. Institutional investors own 80.46% of the company’s stock.

Insider Activity at Credo Technology Group

In other news, CTO Chi Cheng sold 27,500 shares of Credo Technology Group stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $243.06, for a total transaction of $6,684,150.00. Following the transaction, the chief technology officer directly owned 5,882,370 shares of the company’s stock, valued at $1,429,768,852.20. This trade represents a 0.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Daniel W. Fleming sold 7,580 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total transaction of $1,863,770.40. Following the completion of the transaction, the chief financial officer directly owned 504,708 shares of the company’s stock, valued at $124,097,603.04. This trade represents a 1.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 313,074 shares of company stock worth $71,827,816. 9.06% of the stock is currently owned by company insiders.

Credo Technology Group Trading Up 1.6%

Shares of CRDO opened at $162.95 on Friday. Credo Technology Group Holding Ltd. has a 1 year low of $86.49 and a 1 year high of $308.67. The stock has a market cap of $30.63 billion, a P/E ratio of 57.99, a price-to-earnings-growth ratio of 0.64 and a beta of 3.22. The stock’s 50-day moving average price is $221.67 and its two-hundred day moving average price is $190.41.

Credo Technology Group (NASDAQ:CRDO) last posted its earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.17 by $0.03. The company had revenue of $479.00 million during the quarter, compared to analyst estimates of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.The company’s revenue for the quarter was up 114.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.52 EPS. As a group, equities analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CRDO. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $220.00 to $275.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Wall Street Zen cut Credo Technology Group from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Jefferies Financial Group raised their price objective on shares of Credo Technology Group from $225.00 to $270.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Bank of America reduced their target price on shares of Credo Technology Group from $340.00 to $275.00 and set a “buy” rating on the stock in a research report on Wednesday, September 2nd. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $250.00 price target on shares of Credo Technology Group in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $267.39.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company’s portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.