Credo Technology Group Holding Ltd (NASDAQ:CRDO) Shares Acquired by MetLife Investment Management LLC

MetLife Investment Management LLC increased its holdings in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 14.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 84,079 shares of the company's stock after purchasing an additional 10,483 shares during the period. MetLife Investment Management LLC owned 0.05% of Credo Technology Group worth $5,651,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Norges Bank purchased a new position in Credo Technology Group in the fourth quarter valued at about $117,242,000. Alliancebernstein L.P. grew its position in shares of Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock worth $117,011,000 after buying an additional 1,305,594 shares during the last quarter. JPMorgan Chase & Co. lifted 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 valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Elemental Capital Partners LLC purchased a new stake in Credo Technology Group during the fourth quarter valued at approximately $43,171,000. Finally, Invesco Ltd. boosted its stake in Credo Technology Group by 589.7% in the fourth quarter. Invesco Ltd. now owns 535,684 shares of the company's stock valued at $36,003,000 after acquiring an additional 458,015 shares in the last quarter. Institutional investors own 80.46% of the company's stock.

Insider Buying and Selling at Credo Technology Group

In related news, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $57.87, for a total value of $3,182,850.00. Following the completion of the transaction, the chief technology officer now directly owns 8,213,602 shares of the company's stock, valued at $475,321,147.74. The trade was a 0.67 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 618,665 shares of company stock valued at $29,993,313. 16.04% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CRDO has been the subject of several analyst reports. Barclays decreased their price objective on Credo Technology Group from $90.00 to $70.00 and set an "overweight" rating for the company in a report on Tuesday. Needham & Company LLC reiterated a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. The Goldman Sachs Group boosted their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. 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 research report on Thursday, April 3rd. Finally, Stifel Nicolaus lowered their price objective on shares of Credo Technology Group from $85.00 to $69.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Nine equities 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 company has an average rating of "Buy" and an average price target of $71.50.

Credo Technology Group Stock Up 3.0 %

Shares of CRDO traded up $1.29 during mid-day trading on Friday, reaching $43.68. The company had a trading volume of 2,369,561 shares, compared to its average volume of 3,551,949. The stock has a market capitalization of $7.42 billion, a P/E ratio of -291.20 and a beta of 2.30. Credo Technology Group Holding Ltd has a 52-week low of $16.91 and a 52-week high of $86.69. The stock has a 50 day moving average of $46.01 and a two-hundred day moving average of $54.69.

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.