Mackenzie Financial Corp Has $363,000 Position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO)

Mackenzie Financial Corp reduced its stake in Credo Technology Group Holding Ltd. (NASDAQ:CRDO) by 76.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund 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 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Credo Technology Group in the 1st quarter worth approximately $27,000. Quarry LP acquired a new stake in Credo Technology Group in the 4th quarter worth approximately $58,000. Optimum Investment Advisors acquired a new stake in Credo Technology Group in the 1st quarter worth approximately $52,000. Larson Financial Group LLC lifted its holdings in Credo Technology Group by 21.5% in the 1st quarter. Larson Financial Group LLC now owns 1,386 shares of the company’s stock worth $56,000 after purchasing an additional 245 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Credo Technology Group by 103.5% in the 1st quarter. GAMMA Investing LLC now owns 1,982 shares of the company’s stock worth $80,000 after purchasing an additional 1,008 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 0.5%

CRDO opened at $120.41 on Friday. The stock has a market cap of $20.67 billion, a PE ratio of 445.96, a P/E/G ratio of 2.15 and a beta of 2.59. Credo Technology Group Holding Ltd. has a 1 year low of $24.08 and a 1 year high of $121.50. The stock’s 50 day simple moving average is $92.86 and its 200-day simple moving average is $67.22.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings data on Monday, June 2nd. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.08. The business had revenue of $170.00 million for the quarter, compared to analysts’ expectations of $159.59 million. Credo Technology Group had a return on equity of 8.77% and a net margin of 11.95%. Credo Technology Group’s quarterly revenue was up 179.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.07 earnings per share. Equities analysts forecast that Credo Technology Group Holding Ltd. will post 0.13 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

CRDO has been the topic of several recent analyst reports. Wall Street Zen downgraded Credo Technology Group from a “buy” rating to a “hold” rating in a research report on Saturday, July 12th. Roth Capital set a $95.00 price target on Credo Technology Group and gave the stock a “buy” rating in a research report on Friday, June 13th. Cowen reaffirmed a “buy” rating on shares of Credo Technology Group in a research report on Tuesday, June 3rd. Noble Financial raised Credo Technology Group to a “strong-buy” rating in a research report on Tuesday, June 3rd. Finally, TD Cowen lifted their price target on Credo Technology Group from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, June 18th. One analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $87.91.

Insider Transactions at Credo Technology Group

In related news, CEO William Joseph Brennan sold 46,444 shares of the business’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $106.87, for a total value of $4,963,470.28. Following the sale, the chief executive officer owned 393,338 shares of the company’s stock, valued at $42,036,032.06. The trade was a 10.56% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $107.00, for a total value of $200,625.00. Following the completion of the sale, the director directly owned 5,898,652 shares in the company, valued at approximately $631,155,764. This represents a 0.03% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,274,583 shares of company stock valued at $113,118,257. 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.