Man Group plc Buys New Stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Man Group plc bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent filing with the SEC. The fund bought 94,127 shares of the company’s stock, valued at approximately $6,326,000. Man Group plc owned 0.06% of Credo Technology Group at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. raised its position 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 worth $404,797,000 after acquiring an additional 909,578 shares during the period. Geode Capital Management LLC boosted its position in shares of Credo Technology Group by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 3,315,482 shares of the company’s stock valued at $222,884,000 after acquiring an additional 138,686 shares during the last quarter. Norges Bank acquired a new position in Credo Technology Group in the fourth quarter valued at about $117,242,000. Alliancebernstein L.P. lifted its position 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 valued at $117,011,000 after buying an additional 1,305,594 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its position in 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 buying an additional 543,940 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Trading Up 0.2%

Shares of NASDAQ CRDO opened at $62.11 on Wednesday. The company has a market capitalization of $10.55 billion, a price-to-earnings ratio of -414.07 and a beta of 2.29. The business has a 50 day simple moving average of $44.97 and a 200-day simple moving average of $56.49. Credo Technology Group Holding Ltd has a twelve month low of $18.54 and a twelve month high of $86.69.

Insider Buying and Selling

In related news, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction on Friday, April 11th. The stock was sold at an average price of $40.75, for a total transaction of $154,442.50. Following the completion of the transaction, the chief financial officer now directly owns 608,602 shares in the company, valued at $24,800,531.50. This represents a 0.62% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total value of $6,113,000.00. Following the transaction, the chief operating officer now owns 1,000,000 shares of the company’s stock, valued at approximately $61,130,000. The trade was a 9.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 573,665 shares of company stock worth $25,908,531 in the last three months. 16.04% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CRDO. Mizuho reduced their price target 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 dropped their price target on shares of Credo Technology Group from $85.00 to $69.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Barclays lowered their target price on shares of Credo Technology Group from $90.00 to $70.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price objective on shares of Credo Technology Group in a research report on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price 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.