Norges Bank Makes New $54.49 Million Investment in Credo Technology Group Holding Ltd. $CRDO

Norges Bank acquired a new position in shares of Credo Technology Group Holding Ltd. (NASDAQ:CRDO) in the 4th quarter, HoldingsChannel reports. The fund acquired 378,675 shares of the company’s stock, valued at approximately $54,488,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CRDO. Crewe Advisors LLC grew its stake in shares of Credo Technology Group by 163.1% in the fourth quarter. Crewe Advisors LLC now owns 171 shares of the company’s stock worth $25,000 after acquiring an additional 106 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of Credo Technology Group during the 3rd quarter valued at about $25,000. Flagship Harbor Advisors LLC acquired a new stake in Credo Technology Group during the fourth quarter valued at approximately $32,000. Smallwood Wealth Investment Management LLC bought a new stake in Credo Technology Group in the fourth quarter valued at $36,000. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Credo Technology Group by 133.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 257 shares of the company’s stock worth $38,000 after purchasing an additional 147 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CRDO shares. TD Cowen raised their price target on Credo Technology Group from $240.00 to $260.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Rosenblatt Securities lifted their target price on Credo Technology Group from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Tuesday, June 2nd. Rothschild & Co Redburn began coverage on shares of Credo Technology Group in a research note on Friday, May 1st. They set a “buy” rating and a $206.00 price target for the company. The Goldman Sachs Group reiterated a “buy” rating and issued a $250.00 price objective on shares of Credo Technology Group in a report on Tuesday, June 2nd. Finally, JPMorgan Chase & Co. increased their target price on shares of Credo Technology Group from $230.00 to $250.00 and gave the stock an “overweight” rating in a report on Tuesday, June 2nd. One analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $248.41.

Credo Technology Group Price Performance

Shares of CRDO opened at $206.89 on Monday. Credo Technology Group Holding Ltd. has a twelve month low of $66.75 and a twelve month high of $245.95. The company has a 50 day moving average of $169.65 and a 200-day moving average of $147.21. The stock has a market capitalization of $38.16 billion, a P/E ratio of 83.42, a P/E/G ratio of 1.34 and a beta of 3.22.

Credo Technology Group (NASDAQ:CRDO) last posted its quarterly earnings data on Monday, June 1st. The company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.14. The company had revenue of $437.00 million during the quarter, compared to the consensus estimate of $431.80 million. Credo Technology Group had a net margin of 35.37% and a return on equity of 36.99%. The company’s quarterly revenue was up 157.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.20 EPS. On average, sell-side analysts anticipate that Credo Technology Group Holding Ltd. will post 3.93 earnings per share for the current fiscal year.

Insider Activity at Credo Technology Group

In other news, CEO William Joseph Brennan sold 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $117.68, for a total transaction of $5,884,000.00. Following the sale, the chief executive officer owned 1,782,502 shares in the company, valued at $209,764,835.36. This represents a 2.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 27,500 shares of the stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $117.60, for a total value of $3,234,000.00. Following the completion of the sale, the chief technology officer directly owned 6,272,370 shares of the company’s stock, valued at approximately $737,630,712. The trade was a 0.44% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 386,608 shares of company stock worth $50,371,351 in the last ninety days. Insiders own 11.84% of the company’s stock.

About Credo Technology Group

Credo Technology Group, Inc (NASDAQ: CRDO) is a fabless semiconductor company that develops high?speed connectivity solutions for cloud, enterprise and telecommunications infrastructure. The company focuses on semiconductors and related IP that enable reliable, low?latency movement of large volumes of data between servers, switches and optical modules in data centers and network equipment.

Credo’s product portfolio centers on high?speed analog and mixed?signal devices designed to preserve signal integrity and extend reach over copper and optical links.