Norges Bank Invests $54.49 Million in Credo Technology Group Holding Ltd. $CRDO

Key Points

• Norges Bank opened a new position in Credo Technology Group, buying 378,675 shares worth about $54.49 million in the fourth quarter.
• Several other major institutional investors also increased their CRDO holdings, and institutional ownership now stands at 80.46% of the stock.
• Credo’s shares have been buoyed by strong fundamentals and analyst optimism: the company beat quarterly EPS and revenue estimates, while multiple firms raised price targets, giving it an average Moderate Buy rating and a $248.41 target.

Norges Bank purchased a new position in Credo Technology Group Holding Ltd. (NASDAQ:CRDO - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 378,675 shares of the company's stock, valued at approximately $54,488,000. Norges Bank owned about 0.21% of Credo Technology Group at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in CRDO. Vanguard Group Inc. increased its position in Credo Technology Group by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 16,585,229 shares of the company's stock worth $2,386,449,000 after buying an additional 59,849 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Credo Technology Group by 18.3% during the third quarter. JPMorgan Chase & Co. now owns 7,699,456 shares of the company's stock valued at $1,121,118,000 after acquiring an additional 1,190,522 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Credo Technology Group by 5.0% during the fourth quarter. Geode Capital Management LLC now owns 3,862,041 shares of the company's stock valued at $555,117,000 after acquiring an additional 184,676 shares during the period. Alliancebernstein L.P. grew its position in shares of Credo Technology Group by 66.0% during the second quarter. Alliancebernstein L.P. now owns 3,064,891 shares of the company's stock worth $283,778,000 after acquiring an additional 1,218,504 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of Credo Technology Group by 161.5% during the third quarter. Bank of America Corp DE now owns 2,278,073 shares of the company's stock worth $331,710,000 after acquiring an additional 1,406,752 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

Insider Activity at Credo Technology Group

In related news, insider James Laufman sold 10,000 shares of Credo Technology Group stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $164.41, for a total transaction of $1,644,100.00. Following the completion of the sale, the insider owned 198,609 shares of the company's stock, valued at approximately $32,653,305.69. This trade represents a 4.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel W. Fleming sold 7,580 shares of Credo Technology Group stock in a transaction dated Tuesday, April 14th. The shares were sold at an average price of $152.63, for a total value of $1,156,935.40. Following the sale, the chief financial officer owned 433,678 shares of the company's stock, valued at approximately $66,192,273.14. This represents a 1.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 386,608 shares of company stock valued at $50,371,351 over the last ninety days. 11.84% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CRDO shares. Bank of America lifted their price objective on shares of Credo Technology Group from $210.00 to $252.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. Rosenblatt Securities raised their price target on shares of Credo Technology Group from $175.00 to $215.00 and gave the company a "neutral" rating in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. lifted their price target on Credo Technology Group from $230.00 to $250.00 and gave the company an "overweight" rating in a report on Tuesday, June 2nd. Roth Mkm boosted their price objective on Credo Technology Group from $200.00 to $300.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. Finally, Stifel Nicolaus set a $250.00 price objective on Credo Technology Group in a report on Wednesday, May 27th. One research 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 company's stock. According to MarketBeat.com, Credo Technology Group currently has an average rating of "Moderate Buy" and an average price target of $248.41.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $206.89 on Monday. The company has a market cap of $38.16 billion, a PE ratio of 83.42, a PEG ratio of 1.34 and a beta of 3.22. Credo Technology Group Holding Ltd. has a 1 year low of $66.75 and a 1 year high of $245.95. The stock's 50-day moving average price is $169.65 and its two-hundred day moving average price is $147.21.

Credo Technology Group (NASDAQ:CRDO - Get Free Report) 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 firm had revenue of $437.00 million during the quarter, compared to analyst estimates 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 revenue was up 157.0% on a year-over-year basis. During the same quarter last year, the business posted $0.20 EPS. Research analysts forecast that Credo Technology Group Holding Ltd. will post 3.93 EPS for the current fiscal year.

Credo Technology Group Profile

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.

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