Norges Bank Takes Position in Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Norges Bank acquired a new position in Credo Technology Group Holding Ltd (NASDAQ:CRDO) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,744,412 shares of the company’s stock, valued at approximately $117,242,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Nisa Investment Advisors LLC lifted its position in shares of Credo Technology Group by 8.3% in the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after purchasing an additional 255 shares during the period. 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 worth $65,000 after buying an additional 351 shares during the last quarter. Amalgamated Bank lifted 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 valued at $321,000 after buying an additional 411 shares during the period. Arizona State Retirement System boosted its position in Credo Technology Group by 1.2% during the fourth quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock valued at $2,751,000 after acquiring an additional 501 shares during the last quarter. Finally, Prudential Financial Inc. grew its holdings in Credo Technology Group by 6.0% during the 4th quarter. Prudential Financial Inc. now owns 9,843 shares of the company’s stock worth $662,000 after acquiring an additional 560 shares during the period. 80.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on CRDO shares. TD Cowen boosted their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Mizuho boosted their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Barclays boosted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Finally, Stifel Nicolaus raised their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $74.90.

Credo Technology Group Trading Down 0.9 %

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 company has a market cap of $6.82 billion, a price-to-earnings ratio of -267.73 and a beta of 2.16. The company’s fifty day moving average price is $59.78 and its two-hundred day moving average price is $54.01.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the sale, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $45.23, for a total value of $452,300.00. Following the completion of the sale, the chief operating officer now directly owns 2,802,447 shares of the company’s stock, valued at $126,754,677.81. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,030,665 shares of company stock worth $69,289,092 in the last quarter. Insiders own 16.04% of the company’s stock.

Credo Technology Group 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.