Marshall Wace LLP Increases Stock Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Marshall Wace LLP grew its stake in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 165.5% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 27,077 shares of the company's stock after buying an additional 16,877 shares during the quarter. Marshall Wace LLP's holdings in Credo Technology Group were worth $1,820,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of CRDO. Kestra Investment Management LLC acquired a new position in Credo Technology Group in the 4th quarter valued at approximately $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group in the fourth quarter valued at $43,000. Principal Securities Inc. raised its position in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after purchasing an additional 576 shares during the last quarter. Plato Investment Management Ltd acquired a new position in Credo Technology Group during the 4th quarter worth about $61,000. Finally, GAMMA Investing LLC grew its position in shares of Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after buying an additional 351 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Bank of America lowered their price objective on Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research report on Wednesday, March 5th. Barclays dropped their price target 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. Needham & Company LLC restated a "buy" rating and issued a $80.00 target price on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, Mizuho decreased their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. Nine analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $71.50.

Insiders Place Their Bets

In related news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares of the company's stock, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 transaction of $6,113,000.00. Following the transaction, the chief operating officer now owns 1,000,000 shares in the company, valued at approximately $61,130,000. The trade was a 9.09 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 518,665 shares of company stock worth $23,306,713. Corporate insiders own 16.04% of the company's stock.

Credo Technology Group Price Performance

Shares of CRDO stock traded up $2.63 on Thursday, reaching $45.68. 1,745,258 shares of the company were exchanged, compared to its average volume of 3,561,873. The company has a 50-day moving average of $43.77 and a 200-day moving average of $54.89. The company has a market cap of $7.76 billion, a price-to-earnings ratio of -307.24 and a beta of 2.30. Credo Technology Group Holding Ltd has a one year low of $16.91 and a one year high of $86.69.

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.