Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Acquired by Legal & General Group Plc

Legal & General Group Plc raised its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) by 15.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 157,248 shares of the company’s stock after buying an additional 20,891 shares during the quarter. Legal & General Group Plc owned about 0.09% of Credo Technology Group worth $10,569,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Credo Technology Group in the 4th quarter valued at approximately $117,242,000. Alliancebernstein L.P. boosted its holdings in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock worth $117,011,000 after purchasing an additional 1,305,594 shares during the period. JPMorgan Chase & Co. increased its stake in Credo Technology Group by 7.4% during the third 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 last quarter. Elemental Capital Partners LLC acquired a new stake in shares of Credo Technology Group during the fourth quarter worth $43,171,000. Finally, Invesco Ltd. lifted its position in shares of Credo Technology Group by 589.7% in the 4th quarter. Invesco Ltd. now owns 535,684 shares of the company’s stock worth $36,003,000 after buying an additional 458,015 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Down 3.7 %

Shares of NASDAQ CRDO opened at $37.72 on Thursday. The stock has a market cap of $6.40 billion, a P/E ratio of -251.47 and a beta of 2.30. The firm’s 50-day simple moving average is $50.13 and its 200 day simple moving average is $54.41. Credo Technology Group Holding Ltd has a fifty-two week low of $16.82 and a fifty-two week high of $86.69.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $80.57, for a total transaction of $4,834,200.00. Following the sale, the chief technology officer now owns 8,268,602 shares of the company’s stock, valued at $666,201,263.14. The trade was a 0.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $58.66, for a total value of $5,866,000.00. Following the completion of the sale, the chief operating officer now owns 2,825,621 shares of the company’s stock, valued at $165,750,927.86. This trade represents a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 578,665 shares of company stock valued at $31,561,763. Company insiders own 16.04% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CRDO shares. Susquehanna raised shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Bank of America lowered their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. The Goldman Sachs Group raised their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Stifel Nicolaus upped their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Mizuho cut their target price on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating on the stock in a research note 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 stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $74.60.

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.