The Manufacturers Life Insurance Company Has $44.11 Million Stake in Credo Technology Group Holding Ltd. $CRDO

Key Points

• The Manufacturers Life Insurance Company increased its holdings in Credo Technology Group by 74.3%, acquiring an additional 468,145 shares, bringing its total stake to approximately $44.11 million.
• Credo Technology Group reported a significant 179.6% year-over-year increase in revenue, totaling $170 million for the recent quarter, surpassing analysts' expectations.
• Insider selling occurred, with CTO Chi Fung Cheng selling 55,000 shares for about $5.89 million, reflecting ongoing adjustments in executive positions.

The Manufacturers Life Insurance Company boosted its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 74.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,098,369 shares of the company's stock after buying an additional 468,145 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.65% of Credo Technology Group worth $44,110,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of CRDO. Operose Advisors LLC increased its position in Credo Technology Group by 69.2% during the first quarter. Operose Advisors LLC now owns 616 shares of the company's stock worth $25,000 after buying an additional 252 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in Credo Technology Group during the first quarter worth approximately $25,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Credo Technology Group during the first quarter worth approximately $27,000. Harbour Investments Inc. acquired a new position in Credo Technology Group during the first quarter worth approximately $29,000. Finally, Virtus Advisers LLC acquired a new position in Credo Technology Group during the first quarter worth approximately $31,000. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Performance

Shares of CRDO stock traded up $6.82 during trading on Friday, hitting $140.82. The company had a trading volume of 7,238,133 shares, compared to its average volume of 4,568,229. The firm has a market capitalization of $24.36 billion, a P/E ratio of 210.18, a price-to-earnings-growth ratio of 2.53 and a beta of 2.59. The stock's 50-day moving average price is $109.39 and its 200 day moving average price is $73.88. Credo Technology Group Holding Ltd. has a one year low of $24.08 and a one year high of $142.57.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Wednesday, September 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.02). The company had revenue of $223.07 million during the quarter, compared to the consensus estimate of $190.63 million. Credo Technology Group had a net margin of 20.85% and a return on equity of 20.24%. The company's quarterly revenue was up 273.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.04 earnings per share. Credo Technology Group has set its Q2 2026 guidance at EPS. On average, research analysts anticipate that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $107.00, for a total transaction of $200,625.00. Following the completion of the sale, the director directly owned 5,898,652 shares in the company, valued at $631,155,764. This represents a 0.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $107.12, for a total value of $5,891,600.00. Following the sale, the chief technology officer owned 7,108,961 shares of the company's stock, valued at $761,511,902.32. The trade was a 0.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,123,654 shares of company stock valued at $101,794,933 over the last ninety days. Company insiders own 11.84% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. TD Cowen boosted their price objective on Credo Technology Group from $140.00 to $160.00 and gave the stock a "buy" rating in a report on Thursday. Cowen restated a "buy" rating on shares of Credo Technology Group in a report on Tuesday, June 3rd. Mizuho boosted their price objective on Credo Technology Group from $135.00 to $155.00 and gave the stock an "outperform" rating in a report on Thursday. Susquehanna boosted their price objective on Credo Technology Group from $115.00 to $165.00 and gave the stock a "positive" rating in a report on Thursday. Finally, Stifel Nicolaus set a $155.00 price objective on Credo Technology Group in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating and twelve have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $126.27.

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.