Healthcare of Ontario Pension Plan Trust Fund Cuts Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Healthcare of Ontario Pension Plan Trust Fund reduced its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 55.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 547,200 shares of the company’s stock after selling 692,279 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned about 0.33% of Credo Technology Group worth $16,854,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CRDO. Swedbank AB increased its stake in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the period. FMR LLC grew its holdings in Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after acquiring an additional 1,013,789 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Credo Technology Group by 27.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company’s stock worth $54,225,000 after purchasing an additional 362,634 shares during the last quarter. Finally, Bank of Montreal Can acquired a new position in shares of Credo Technology Group during the third quarter worth $8,578,000. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Stock Down 2.1 %

NASDAQ CRDO opened at $45.71 on Friday. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $48.94. The business’s 50-day moving average price is $38.85 and its 200 day moving average price is $31.75. The firm has a market cap of $7.59 billion, a P/E ratio of -285.69 and a beta of 2.19.

Credo Technology Group (NASDAQ:CRDO) last released its quarterly earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. The company had revenue of $59.71 million for the quarter, compared to analysts’ expectations of $59.50 million. As a group, analysts anticipate that Credo Technology Group Holding Ltd will post -0.02 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on CRDO. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Roth Mkm increased their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Craig Hallum upped their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Mizuho lifted their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Finally, Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.56.

Insider Buying and Selling

In related news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the completion of the sale, the chief technology officer now owns 8,728,602 shares in the company, valued at $413,473,876.74. This trade represents a 0.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $27.69, for a total transaction of $276,900.00. Following the completion of the sale, the chief operating officer now owns 2,885,840 shares of the company’s stock, valued at approximately $79,908,909.60. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,324,817 shares of company stock valued at $43,552,936 over the last quarter. 16.04% of the stock is currently owned by insiders.

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.