MetLife Investment Management LLC Acquires 10,483 Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO)

MetLife Investment Management LLC lifted its position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) by 14.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 84,079 shares of the company's stock after purchasing an additional 10,483 shares during the quarter. MetLife Investment Management LLC owned about 0.05% of Credo Technology Group worth $5,651,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC increased its stake in shares of Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock valued at $225,000 after purchasing an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC increased 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 valued at $75,000 after buying an additional 348 shares in the last quarter. GAMMA Investing LLC raised its stake in Credo Technology Group by 56.3% during the fourth 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. Amalgamated Bank boosted its holdings in Credo Technology Group by 9.4% in the fourth 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. Finally, Arizona State Retirement System grew its stake in shares of Credo Technology Group by 1.2% in the fourth 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 during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on CRDO shares. Stifel Nicolaus cut their price objective on shares of 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. Needham & Company LLC reiterated a "buy" rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Bank of America decreased their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a report on Wednesday, March 5th. 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 note on Tuesday, April 22nd. Finally, Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Nine investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $71.50.

Insider Buying and Selling at Credo Technology Group

In other news, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the transaction, the director now owns 5,902,402 shares of the company's stock, valued at $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The transaction 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 Credo Technology Group stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total value of $5,866,000.00. Following the transaction, the chief operating officer now directly owns 2,825,621 shares in the company, valued at approximately $165,750,927.86. The trade was a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 563,665 shares of company stock valued at $26,810,463. Insiders own 16.04% of the company's stock.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded down $1.28 during midday trading on Monday, hitting $42.40. 1,424,373 shares of the company's stock traded hands, compared to its average volume of 3,552,015. The stock has a market capitalization of $7.20 billion, a price-to-earnings ratio of -282.82 and a beta of 2.30. The firm has a fifty day moving average of $45.38 and a 200 day moving average of $55.02. Credo Technology Group Holding Ltd has a 1 year low of $16.91 and a 1 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.