The Manufacturers Life Insurance Company Lowers Stake in Credo Technology Group Holding Ltd. $CRDO

Key Points

• The Manufacturers Life Insurance Company cut its Credo Technology stake by 54% in the second quarter, selling 565,033 shares and retaining 482,051 shares valued at approximately $131 million.
• Institutional ownership remains high at 80.46%, with several major investors—including California State Teachers Retirement System, Corient, Amundi and Janus Henderson—substantially increasing their positions.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $267.39 target price. Credo recently beat quarterly estimates, reporting $1.20 in adjusted EPS and $479 million in revenue, up 114.7% year over year.

The Manufacturers Life Insurance Company decreased its holdings in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) by 54.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 482,051 shares of the company's stock after selling 565,033 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.26% of Credo Technology Group worth $131,036,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its stake in shares of Credo Technology Group by 28,062.9% in the 2nd quarter. California State Teachers Retirement System now owns 67,840,375 shares of the company's stock valued at $18,449,190,000 after purchasing an additional 67,599,489 shares during the last quarter. Corient Private Wealth LLC grew its position in Credo Technology Group by 239,024.5% in the 4th quarter. Corient Private Wealth LLC now owns 3,598,823 shares of the company's stock valued at $517,835,000 after buying an additional 3,597,318 shares during the last quarter. Amundi increased its stake in Credo Technology Group by 28,478.2% in the 4th quarter. Amundi now owns 1,559,796 shares of the company's stock valued at $224,439,000 after buying an additional 1,554,338 shares during the period. Janus Henderson Group PLC raised its position in Credo Technology Group by 841.9% during the 4th quarter. Janus Henderson Group PLC now owns 1,591,348 shares of the company's stock worth $228,979,000 after buying an additional 1,422,391 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in shares of Credo Technology Group by 161.5% in the 3rd quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CRDO has been the topic of several analyst reports. Needham & Company LLC lifted their target price on shares of Credo Technology Group from $220.00 to $275.00 and gave the company a "buy" rating in a report on Monday, June 1st. Weiss Ratings cut shares of Credo Technology Group from a "hold (c+)" rating to a "hold (c)" rating in a report on Friday, September 4th. Bank of America lowered their price objective on Credo Technology Group from $340.00 to $275.00 and set a "buy" rating on the stock in a report on Wednesday, September 2nd. Rosenblatt Securities boosted their target price on Credo Technology Group from $215.00 to $235.00 and gave the stock a "neutral" rating in a research report on Wednesday, September 2nd. Finally, Roth Capital increased their target price on Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $267.39.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel Fleming sold 7,580 shares of the business's stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $245.88, for a total value of $1,863,770.40. Following the transaction, the chief financial officer owned 504,708 shares in the company, valued at $124,097,603.04. The trade was a 1.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Chi Cheng sold 27,500 shares of the business's stock in a transaction that occurred on Tuesday, July 7th. The shares were 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 $1,429,768,852.20. This trade represents a 0.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 313,074 shares of company stock valued at $71,827,816 over the last three months. 9.06% of the stock is owned by company insiders.

Credo Technology Group Trading Up 1.6%

NASDAQ:CRDO opened at $162.95 on Friday. Credo Technology Group Holding Ltd. has a 12-month low of $86.49 and a 12-month high of $308.67. The company's 50-day moving average is $221.67 and its two-hundred day moving average is $190.41. The firm has a market cap of $30.63 billion, a price-to-earnings ratio of 57.99, a price-to-earnings-growth ratio of 0.64 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) last issued its quarterly earnings results on Tuesday, September 1st. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.03. The company had revenue of $479.00 million during the quarter, compared to the consensus estimate of $473.30 million. Credo Technology Group had a return on equity of 28.77% and a net margin of 33.83%.Credo Technology Group's revenue was up 114.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 EPS. On average, equities research analysts forecast that Credo Technology Group Holding Ltd. will post 5.02 earnings per share for the current fiscal year.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd. develops high-speed connectivity solutions for the data infrastructure market. Its products are designed to help move data efficiently within and between networking, storage and computing systems, with applications in artificial intelligence, cloud computing, telecommunications and enterprise data centers.

The company's portfolio includes serializer/deserializer (SerDes) integrated circuits, retimers, optical digital signal processors and active electrical cables.

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