201,624 Shares in Credo Technology Group Holding Ltd (NASDAQ:CRDO) Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 201,624 shares of the company’s stock, valued at approximately $13,551,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CRDO. Assetmark Inc. grew its position in Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after buying an additional 257 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Credo Technology Group during the third quarter worth about $565,000. GSA Capital Partners LLP purchased a new position in Credo Technology Group during the third quarter worth about $671,000. Aigen Investment Management LP purchased a new position in Credo Technology Group during the third quarter worth about $271,000. Finally, Natixis Advisors LLC grew its position in Credo Technology Group by 3.3% during the third quarter. Natixis Advisors LLC now owns 28,833 shares of the company’s stock worth $888,000 after buying an additional 934 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Credo Technology Group

In related news, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the transaction, the chief financial officer now owns 652,666 shares in the company, valued at $45,640,933.38. The trade was a 0.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total value 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. This represents a 9.09 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,190,496 shares of company stock worth $82,695,512 in the last 90 days. Company insiders own 16.04% of the company’s stock.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $49.15 on Friday. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69. The company has a market cap of $8.22 billion, a PE ratio of -327.67 and a beta of 2.16. The stock’s 50-day moving average is $66.23 and its 200 day moving average is $52.52.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on CRDO shares. Mizuho lifted their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Bank of America dropped their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Barclays lifted their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Finally, TD Cowen lifted their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Credo Technology Group presently has an average rating of “Buy” and a consensus price target of $74.90.

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.