The Manufacturers Life Insurance Company Has $98.29 Million Stock Position in Credo Technology Group Holding Ltd. $CRDO

The Manufacturers Life Insurance Company lifted its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 192.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,047,084 shares of the company’s stock after buying an additional 688,596 shares during the period. The Manufacturers Life Insurance Company’s holdings in Credo Technology Group were worth $98,290,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. boosted its stake in Credo Technology Group by 9.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 271,067 shares of the company’s stock worth $39,004,000 after purchasing an additional 23,332 shares during the period. FengHe Fund Management Pte. Ltd. raised its stake in shares of Credo Technology Group by 5.7% in the 4th quarter. FengHe Fund Management Pte. Ltd. now owns 162,269 shares of the company’s stock valued at $23,349,000 after purchasing an additional 8,769 shares during the period. M&T Bank Corp raised its stake in shares of Credo Technology Group by 428.8% in the 4th quarter. M&T Bank Corp now owns 13,427 shares of the company’s stock valued at $1,932,000 after purchasing an additional 10,888 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of Credo Technology Group by 486.2% in the fourth quarter. Teacher Retirement System of Texas now owns 239,721 shares of the company’s stock valued at $34,493,000 after purchasing an additional 198,826 shares in the last quarter. Finally, TimesSquare Capital Management LLC lifted its holdings in shares of Credo Technology Group by 5.5% in the fourth quarter. TimesSquare Capital Management LLC now owns 264,181 shares of the company’s stock valued at $38,013,000 after purchasing an additional 13,881 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on CRDO. Roth Capital increased their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Stifel Nicolaus boosted their target price on Credo Technology Group from $250.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, June 22nd. TD Cowen upped their price target on Credo Technology Group from $240.00 to $260.00 and gave the stock a “buy” rating in a research report on Tuesday, June 2nd. Zacks Research raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 19th. Finally, Rothschild & Co Redburn assumed coverage on shares of Credo Technology Group in a report on Friday, May 1st. They issued a “buy” rating and a $206.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group has a consensus rating of “Buy” and a consensus price target of $266.17.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $192.28 on Wednesday. The business has a 50-day moving average of $236.79 and a 200-day moving average of $170.98. The stock has a market capitalization of $35.86 billion, a price-to-earnings ratio of 77.53, a PEG ratio of 0.95 and a beta of 3.20. Credo Technology Group Holding Ltd. has a fifty-two week low of $86.49 and a fifty-two week high of $308.67.

Credo Technology Group (NASDAQ:CRDO) last released its earnings results on Monday, June 1st. The company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.14. Credo Technology Group had a return on equity of 32.30% and a net margin of 35.37%.The business had revenue of $437.00 million for the quarter, compared to analyst estimates of $431.80 million. During the same quarter in the prior year, the company posted $0.20 earnings per share. Credo Technology Group’s revenue was up 157.0% on a year-over-year basis. On average, sell-side analysts expect that Credo Technology Group Holding Ltd. will post 4.84 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $243.06, for a total value of $6,684,150.00. Following the completion of the sale, the chief technology officer owned 5,882,370 shares of the company’s stock, valued at approximately $1,429,768,852.20. This represents a 0.47% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO William Joseph Brennan sold 54,984 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were sold at an average price of $218.57, for a total transaction of $12,017,852.88. Following the completion of the transaction, the chief executive officer directly owned 367,327 shares of the company’s stock, valued at $80,286,662.39. This represents a 13.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 302,162 shares of company stock valued at $72,080,421 in the last 90 days. 11.84% of the stock is currently owned by insiders.

Credo Technology Group Profile

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.