The Manufacturers Life Insurance Company Acquires 688,596 Shares of Credo Technology Group Holding Ltd. $CRDO

Key Points

• The Manufacturers Life Insurance Company increased its Credo Technology Group stake by 192.1%, purchasing 688,596 additional shares to reach 1.05 million shares valued at approximately $98.3 million. Institutional investors own 80.46% of CRDO.
• Analysts remain broadly bullish, with an average “Buy” rating and a consensus price target of $266.17; several firms recently raised their targets, including Roth Capital to $300.
• Credo reported strong quarterly results, posting $1.16 in EPS and $437 million in revenue, with revenue up 157% year over year. However, the stock opened at $192.28, down 7.6%, while insiders sold more than $72 million in shares during the quarter.

The Manufacturers Life Insurance Company grew its holdings in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 192.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,047,084 shares of the company's stock after purchasing an additional 688,596 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.57% of Credo Technology Group worth $98,290,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in the business. Crewe Advisors LLC increased its stake in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company's stock valued at $25,000 after buying an additional 106 shares in the last quarter. Reflection Asset Management acquired a new stake in Credo Technology Group in the 4th quarter valued at about $25,000. Acumen Wealth Advisors LLC bought a new position in shares of Credo Technology Group in the fourth quarter worth about $25,000. Flagship Harbor Advisors LLC acquired a new position in shares of Credo Technology Group during the fourth quarter worth approximately $32,000. Finally, Smallwood Wealth Investment Management LLC bought a new stake in shares of Credo Technology Group during the fourth quarter valued at approximately $36,000. Institutional investors own 80.46% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on CRDO shares. Jefferies Financial Group upped their price objective on Credo Technology Group from $225.00 to $270.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. Rosenblatt Securities raised their price target on Credo Technology Group from $175.00 to $215.00 and gave the company a "neutral" rating in a report on Tuesday, June 2nd. Rothschild & Co Redburn assumed coverage on Credo Technology Group in a report on Friday, May 1st. They set a "buy" rating and a $206.00 price objective for the company. Weiss Ratings upgraded shares of Credo Technology Group from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, May 26th. Finally, Roth Capital raised their target price on shares of Credo Technology Group from $200.00 to $300.00 and gave the company a "buy" rating in a research note on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $266.17.

Credo Technology Group Stock Down 7.6%

CRDO stock opened at $192.28 on Wednesday. The business's fifty day moving average is $236.79 and its 200-day moving average is $170.98. The company has a market cap of $35.86 billion, a P/E ratio of 77.53, a price-to-earnings-growth ratio of 0.95 and a beta of 3.20. Credo Technology Group Holding Ltd. has a twelve month low of $86.49 and a twelve month high of $308.67.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last posted its quarterly 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 period last year, the company earned $0.20 EPS. The firm's revenue was up 157.0% on a year-over-year basis. Research analysts anticipate that Credo Technology Group Holding Ltd. will post 4.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Credo Technology Group

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

About Credo Technology Group

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.

Want to see what other hedge funds are holding CRDO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.