Mackenzie Financial Corp Acquires 30,443 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Mackenzie Financial Corp lifted its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 395.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 38,144 shares of the company's stock after purchasing an additional 30,443 shares during the period. Mackenzie Financial Corp's holdings in Credo Technology Group were worth $2,564,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its position in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock valued at $404,797,000 after buying an additional 909,578 shares during the period. Geode Capital Management LLC boosted its position in Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company's stock valued at $222,884,000 after buying an additional 138,686 shares during the period. Norges Bank purchased a new stake in Credo Technology Group during the 4th quarter valued at $117,242,000. Alliancebernstein L.P. boosted its position in Credo Technology Group by 299.9% during the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after buying an additional 1,305,594 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in Credo Technology Group by 49.5% during the 4th quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company's stock valued at $110,482,000 after buying an additional 543,940 shares during the period. Institutional investors own 80.46% of the company's stock.

Credo Technology Group Trading Up 2.3%

NASDAQ:CRDO traded up $1.42 on Monday, reaching $62.38. 2,987,637 shares of the stock traded hands, compared to its average volume of 3,685,587. The company has a market capitalization of $10.59 billion, a price-to-earnings ratio of -415.08 and a beta of 2.29. Credo Technology Group Holding Ltd has a 12 month low of $22.50 and a 12 month high of $86.69. The company's fifty day simple moving average is $47.29 and its 200 day simple moving average is $57.54.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Susquehanna raised shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Bank of America dropped their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Stifel Nicolaus dropped their target price on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Finally, Mizuho dropped their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a research report on Thursday, April 3rd. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $71.50.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm's stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $48.02, for a total value of $2,641,100.00. Following the transaction, the chief technology officer now owns 7,663,602 shares of the company's stock, valued at approximately $368,006,168.04. This trade represents a 0.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $46.01, for a total transaction of $86,268.75. Following the completion of the transaction, the director now directly owns 5,900,527 shares in the company, valued at approximately $271,483,247.27. The trade was a 0.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 473,665 shares of company stock worth $19,795,531 over the last quarter. 16.04% of the stock is currently owned by insiders.

Credo Technology Group Company 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.