Man Group plc Invests $6.33 Million in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Man Group plc purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 94,127 shares of the company's stock, valued at approximately $6,326,000. Man Group plc owned approximately 0.06% of Credo Technology Group as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Nisa Investment Advisors LLC lifted its position in Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock worth $225,000 after acquiring an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in Credo Technology Group by 51.2% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company's stock worth $75,000 after acquiring an additional 348 shares in the last quarter. Amalgamated Bank lifted its position in Credo Technology Group by 9.4% during the 4th quarter. Amalgamated Bank now owns 4,777 shares of the company's stock worth $321,000 after acquiring an additional 411 shares in the last quarter. Arizona State Retirement System lifted its position in Credo Technology Group by 1.2% during the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company's stock worth $2,751,000 after acquiring an additional 501 shares in the last quarter. Finally, Prudential Financial Inc. raised its position in shares of Credo Technology Group by 6.0% in the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company's stock valued at $662,000 after purchasing an additional 560 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CRDO has been the topic of a number of recent analyst reports. Bank of America cut their target price 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. Stifel Nicolaus cut their target price on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 target price on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Barclays cut their target price on 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. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $71.50.

Credo Technology Group Price Performance

Shares of CRDO stock traded up $1.00 on Friday, hitting $61.78. 1,954,560 shares of the stock traded hands, compared to its average volume of 3,720,705. The company has a market capitalization of $10.49 billion, a PE ratio of -411.87 and a beta of 2.29. Credo Technology Group Holding Ltd has a 1-year low of $19.72 and a 1-year high of $86.69. The company's fifty day moving average is $45.82 and its 200 day moving average is $56.88.

Insider Activity at Credo Technology Group

In related news, 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 completion of the transaction, the chief operating officer now directly owns 1,000,000 shares in the company, valued at $61,130,000. This represents a 9.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $49.77, for a total value of $2,737,350.00. Following the transaction, the chief technology officer now owns 8,048,602 shares of the company's stock, valued at approximately $400,578,921.54. The trade was a 0.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 573,665 shares of company stock valued at $25,908,531. Corporate insiders own 16.04% of the company's stock.

Credo Technology Group Company 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.