The Manufacturers Life Insurance Company Trims Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

The Manufacturers Life Insurance Company reduced its holdings in Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 64.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 630,224 shares of the company's stock after selling 1,138,513 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.38% of Credo Technology Group worth $42,357,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its stake in shares of Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock valued at $225,000 after acquiring an additional 255 shares during the last quarter. CIBC Private Wealth Group LLC increased its stake in Credo Technology Group by 51.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock valued at $75,000 after purchasing an additional 348 shares in the last quarter. GAMMA Investing LLC raised its holdings in Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after purchasing an additional 351 shares during the period. Amalgamated Bank boosted its position in shares of Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company's stock worth $321,000 after purchasing an additional 411 shares in the last quarter. Finally, Arizona State Retirement System increased its position in shares of Credo Technology Group by 1.2% in the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock valued at $2,751,000 after buying an additional 501 shares in the last quarter. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Trading Down 3.1 %

NASDAQ CRDO traded down $1.53 on Tuesday, hitting $47.16. 1,101,573 shares of the company were exchanged, compared to its average volume of 3,580,436. The company has a market cap of $8.01 billion, a PE ratio of -315.61 and a beta of 2.29. The stock has a fifty day moving average of $43.05 and a 200-day moving average of $55.35. Credo Technology Group Holding Ltd has a 12 month low of $16.91 and a 12 month high of $86.69.

Analysts Set New Price Targets

CRDO has been the subject of a number of research analyst reports. Barclays reduced their target price on shares of Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Mizuho cut their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research report on Thursday, April 3rd. Stifel Nicolaus decreased 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. Bank of America reduced their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Finally, The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $71.50.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the transaction, the chief operating officer now directly owns 1,000,000 shares of the company's stock, valued at $61,130,000. The trade was a 9.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $47.29, for a total transaction of $2,600,950.00. Following the completion of the sale, the chief technology officer now owns 8,103,602 shares of the company's stock, valued at approximately $383,219,338.58. This represents a 0.67 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 518,665 shares of company stock worth $23,267,431. 16.04% of the stock is owned by corporate 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.