Legal & General Group Plc Buys 20,891 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Legal & General Group Plc raised its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 15.3% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 157,248 shares of the company's stock after purchasing an additional 20,891 shares during the period. Legal & General Group Plc owned 0.09% of Credo Technology Group worth $10,569,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CRDO. Proficio Capital Partners LLC bought a new stake in Credo Technology Group in the fourth quarter valued at approximately $700,000. Pacer Advisors Inc. increased its position in shares of Credo Technology Group by 30.2% during the fourth quarter. Pacer Advisors Inc. now owns 3,906 shares of the company's stock worth $263,000 after buying an additional 907 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Credo Technology Group by 3.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,179,726 shares of the company's stock worth $79,289,000 after buying an additional 43,169 shares during the last quarter. Principal Financial Group Inc. boosted 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 valued at $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Finally, Vontobel Holding Ltd. grew its position in Credo Technology Group by 3.4% in the 4th quarter. Vontobel Holding Ltd. now owns 19,584 shares of the company's stock valued at $1,316,000 after purchasing an additional 635 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Needham & Company LLC restated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Barclays upped their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research note on Friday, January 17th. Bank of America dropped their price target on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research report on Wednesday, March 5th. Finally, Mizuho decreased their price objective 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 research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $73.50.

Credo Technology Group Price Performance

CRDO traded down $1.20 on Friday, hitting $36.52. The company had a trading volume of 2,408,216 shares, compared to its average volume of 3,502,990. Credo Technology Group Holding Ltd has a 52-week low of $16.82 and a 52-week high of $86.69. The firm has a market capitalization of $6.20 billion, a P/E ratio of -243.47 and a beta of 2.30. The stock has a fifty day simple moving average of $49.32 and a 200-day simple moving average of $54.45.

Insider Buying and Selling

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the business's stock in a transaction dated Friday, April 11th. The stock was sold at an average price of $40.75, for a total value of $154,442.50. Following the completion of the transaction, the chief financial officer now owns 608,602 shares of the company's stock, valued at approximately $24,800,531.50. The trade was a 0.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group 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 completion of the sale, the chief technology officer now directly owns 8,268,602 shares of the company's stock, valued at approximately $666,201,263.14. This trade represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 578,665 shares of company stock valued at $31,561,763 over the last ninety days. 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.