Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company grew its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 4.2% in the 3rd quarter, Holdings Channel.com reports. The fund owned 1,768,737 shares of the company’s stock after purchasing an additional 71,014 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Credo Technology Group were worth $54,477,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Bank of Montreal Can acquired a new position in Credo Technology Group during the 3rd quarter worth $8,578,000. Brown Brothers Harriman & Co. grew its holdings in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after acquiring an additional 1,001 shares in the last quarter. Larson Financial Group LLC grew its holdings in Credo Technology Group by 240.0% during the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after acquiring an additional 1,399 shares in the last quarter. Swedbank AB grew its holdings in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after acquiring an additional 2,961,454 shares in the last quarter. Finally, Algert Global LLC grew its holdings in Credo Technology Group by 576.6% during the 3rd quarter. Algert Global LLC now owns 131,667 shares of the company’s stock worth $4,055,000 after acquiring an additional 112,206 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on CRDO. Mizuho raised their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. Needham & Company LLC raised their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Roth Mkm raised their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research report on Tuesday, October 22nd. Finally, Craig Hallum raised their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $36.56.

Credo Technology Group Stock Down 2.1 %

Shares of NASDAQ:CRDO opened at $45.71 on Friday. The company has a market cap of $7.59 billion, a PE ratio of -285.69 and a beta of 2.19. The company’s 50-day moving average price is $38.85 and its 200 day moving average price is $31.75. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $48.94.

Credo Technology Group (NASDAQ:CRDO) last issued its quarterly earnings data on Wednesday, September 4th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.03). The firm had revenue of $59.71 million during the quarter, compared to the consensus estimate of $59.50 million. Credo Technology Group had a negative net margin of 12.05% and a negative return on equity of 3.74%. As a group, equities analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 EPS for the current year.

Insider Buying and Selling at Credo Technology Group

In other news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $25.75, for a total value of $3,704,910.00. Following the transaction, the chief executive officer now owns 2,529,738 shares of the company’s stock, valued at $65,140,753.50. The trade was a 5.38 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,728,602 shares in the company, valued at $413,473,876.74. This represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,324,817 shares of company stock valued at $43,552,936. 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.