Credo Technology Group Holding Ltd. (NASDAQ:CRDO) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp significantly reduced its stake in Credo Technology Group Holding Ltd. by 76.3%, now holding 9,044 shares worth approximately $363,000.
• Several analysts upgraded their ratings on Credo Technology Group, with most issuing a "buy" rating and price targets ranging from $87.91 to $115.00.
• Insiders sold over 1.27 million shares of the company stock in the last quarter, indicating potential profit-taking amidst growing valuations.

Mackenzie Financial Corp cut its position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 76.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,044 shares of the company's stock after selling 29,100 shares during the quarter. Mackenzie Financial Corp's holdings in Credo Technology Group were worth $363,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Larson Financial Group LLC raised its holdings in Credo Technology Group by 21.5% during the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company's stock valued at $56,000 after buying an additional 245 shares during the last quarter. Calamos Advisors LLC boosted its holdings in shares of Credo Technology Group by 3.1% during the first quarter. Calamos Advisors LLC now owns 17,369 shares of the company's stock worth $698,000 after purchasing an additional 529 shares during the period. KBC Group NV boosted its holdings in shares of Credo Technology Group by 11.7% during the first quarter. KBC Group NV now owns 6,324 shares of the company's stock worth $254,000 after purchasing an additional 663 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Credo Technology Group during the first quarter worth about $27,000. Finally, Quarry LP purchased a new stake in shares of Credo Technology Group during the fourth quarter worth about $58,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock traded down $1.84 during trading on Monday, hitting $118.57. The stock had a trading volume of 2,356,492 shares, compared to its average volume of 5,258,211. The firm's fifty day simple moving average is $92.86 and its 200-day simple moving average is $66.97. The stock has a market cap of $20.35 billion, a PE ratio of 439.15, a PEG ratio of 2.16 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 12 month low of $24.08 and a 12 month high of $122.80.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last released its earnings results on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.08. The firm had revenue of $170.00 million during the quarter, compared to analyst estimates of $159.59 million. Credo Technology Group had a net margin of 11.95% and a return on equity of 8.77%. The business's revenue was up 179.6% on a year-over-year basis. During the same quarter last year, the business earned $0.07 EPS. Analysts expect that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

CRDO has been the subject of a number of analyst reports. Susquehanna increased their target price on shares of Credo Technology Group from $90.00 to $115.00 and gave the stock a "positive" rating in a report on Tuesday, July 22nd. Roth Capital set a $95.00 price target on Credo Technology Group and gave the stock a "buy" rating in a research note on Friday, June 13th. Barclays set a $85.00 price objective on shares of Credo Technology Group and gave the stock an "overweight" rating in a research note on Tuesday, June 3rd. TD Cowen increased their target price on Credo Technology Group from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Finally, Wall Street Zen cut shares of Credo Technology Group from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of "Buy" and a consensus target price of $87.91.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 171,473 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $77.90, for a total value of $13,357,746.70. Following the transaction, the director owned 613,725 shares of the company's stock, valued at $47,809,177.50. This trade represents a 21.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 59,641 shares of the firm's stock in a transaction dated Thursday, June 5th. The stock was sold at an average price of $74.96, for a total transaction of $4,470,689.36. Following the completion of the transaction, the chief technology officer directly owned 7,603,961 shares in the company, valued at $569,992,916.56. This represents a 0.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,274,583 shares of company stock valued at $113,118,257 in the last 90 days. 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.