Norges Bank Invests $117.24 Million in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Norges Bank purchased 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. The institutional investor purchased 1,744,412 shares of the company’s stock, valued at approximately $117,242,000. Norges Bank owned 1.04% of Credo Technology Group at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in CRDO. Point72 Asset Management L.P. raised its position in shares of Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the period. FMR LLC boosted its holdings in shares of Credo Technology Group by 731.6% during the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after acquiring an additional 1,013,789 shares during the period. JPMorgan Chase & Co. grew its position in shares of Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the period. Finally, Elemental Capital Partners LLC acquired a new stake in Credo Technology Group during the 4th quarter worth approximately $43,171,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

Credo Technology Group Trading Down 0.9 %

NASDAQ CRDO opened at $40.16 on Tuesday. Credo Technology Group Holding Ltd has a 1 year low of $16.82 and a 1 year high of $86.69. The firm has a market capitalization of $6.82 billion, a price-to-earnings ratio of -267.73 and a beta of 2.16. The firm’s 50 day simple moving average is $59.78 and its 200 day simple moving average is $54.01.

Insider Buying and Selling at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $69.22, for a total value of $4,153,200.00. Following the sale, the chief technology officer now directly owns 8,448,602 shares in the company, valued at approximately $584,812,230.44. This trade represents a 0.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the sale, the director now directly owns 1,113,725 shares in the company, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,030,665 shares of company stock valued at $69,289,092. 16.04% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on CRDO. Stifel Nicolaus upped their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Susquehanna upgraded shares of 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 objective on shares of 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. Craig Hallum increased their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research 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 stock. According to data from MarketBeat, Credo Technology Group presently has a consensus 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.