Connor Clark & Lunn Investment Management Ltd. Takes $13.55 Million Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 201,624 shares of the company’s stock, valued at approximately $13,551,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.12% of Credo Technology Group as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CRDO. Assetmark Inc. lifted its holdings in shares of Credo Technology Group by 5.4% in the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after purchasing an additional 257 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Credo Technology Group in the third quarter valued at approximately $565,000. GSA Capital Partners LLP bought a new position in shares of Credo Technology Group in the third quarter valued at approximately $671,000. Aigen Investment Management LP bought a new position in shares of Credo Technology Group in the third quarter valued at approximately $271,000. Finally, Natixis Advisors LLC lifted its holdings in shares of Credo Technology Group by 3.3% in the third quarter. Natixis Advisors LLC now owns 28,833 shares of the company’s stock valued at $888,000 after purchasing an additional 934 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CRDO. The Goldman Sachs Group lifted their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Mizuho lifted their price target on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Stifel Nicolaus lifted their price target on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Barclays lifted their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Finally, Bank of America dropped their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Nine research 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 stock presently has an average rating of “Buy” and a consensus price target of $74.90.

Insider Activity

In other news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total value of $265,034.70. Following the completion of the transaction, the chief financial officer now directly owns 652,666 shares in the company, valued at approximately $45,640,933.38. The trade was a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,190,496 shares of company stock worth $82,695,512. 16.04% of the stock is owned by corporate insiders.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $49.15 on Friday. The business has a fifty day simple moving average of $66.23 and a two-hundred day simple moving average of $52.52. 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 capitalization of $8.22 billion, a P/E ratio of -327.67 and a beta of 2.16.

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.