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

Mackenzie Financial Corp raised its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 395.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 38,144 shares of the company’s stock after purchasing an additional 30,443 shares during the period. Mackenzie Financial Corp’s holdings in Credo Technology Group were worth $2,564,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. boosted its stake in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares during the period. Geode Capital Management LLC lifted its stake in shares of Credo Technology Group by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock worth $222,884,000 after acquiring an additional 138,686 shares during the period. Norges Bank bought a new position in shares of Credo Technology Group in the fourth quarter valued at approximately $117,242,000. Alliancebernstein L.P. boosted its holdings in shares of Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after acquiring an additional 1,305,594 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its holdings in shares of Credo Technology Group by 49.5% in the fourth quarter. Ameriprise Financial Inc. now owns 1,643,560 shares of the company’s stock valued at $110,482,000 after acquiring an additional 543,940 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Credo Technology Group

In other news, insider James Laufman sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $39.09, for a total transaction of $312,720.00. Following the sale, the insider now owns 271,725 shares in the company, valued at $10,621,730.25. The trade was a 2.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $48.02, for a total transaction of $2,641,100.00. Following the sale, the chief technology officer now owns 7,663,602 shares in the company, valued at $368,006,168.04. This represents a 0.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 473,665 shares of company stock valued at $19,795,531 over the last ninety days. Insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

CRDO stock opened at $63.83 on Friday. Credo Technology Group Holding Ltd has a 12 month low of $21.40 and a 12 month high of $86.69. The firm has a market cap of $10.84 billion, a PE ratio of -425.53 and a beta of 2.29. The firm has a 50 day simple moving average of $47.06 and a 200 day simple moving average of $57.25.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CRDO. Bank of America decreased 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 report on Wednesday, March 5th. Barclays decreased their price objective on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, Mizuho decreased their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $71.50.

About Credo Technology Group

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.