Norges Bank Acquires Shares of 1,744,412 Credo Technology Group Holding Ltd (NASDAQ:CRDO)

Norges Bank purchased a new position in shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,744,412 shares of the company's stock, valued at approximately $117,242,000. Norges Bank owned approximately 1.04% of Credo Technology Group as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Kestra Investment Management LLC bought a new position in Credo Technology Group during the fourth quarter worth $38,000. WASHINGTON TRUST Co bought a new position in shares of Credo Technology Group during the 4th quarter worth about $43,000. Principal Securities Inc. grew its stake in shares of Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after buying an additional 576 shares during the period. Plato Investment Management Ltd bought a new stake in Credo Technology Group in the 4th quarter valued at about $61,000. Finally, GAMMA Investing LLC increased its position in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after buying an additional 351 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock traded down $3.84 during mid-day trading on Friday, hitting $33.30. 8,422,367 shares of the stock were exchanged, compared to its average volume of 3,409,680. Credo Technology Group Holding Ltd has a 12 month low of $16.82 and a 12 month high of $86.69. The company has a 50-day simple moving average of $56.25 and a 200 day simple moving average of $53.95. The company has a market capitalization of $5.65 billion, a P/E ratio of -222.00 and a beta of 2.16.

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Insider Buying and Selling

In other news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the transaction, the chief operating officer now directly owns 2,825,621 shares of the company's stock, valued at $227,716,796.39. This represents a 0.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $72.09, for a total transaction of $4,325,400.00. Following the completion of the sale, the chief technology officer now directly owns 8,388,602 shares in the company, valued at $604,734,318.18. This trade represents a 0.71 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 970,665 shares of company stock worth $65,135,892. 16.04% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Mizuho cut their price target on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a report on Thursday. Barclays lifted their price target 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. Bank of America lowered their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a report on Wednesday, March 5th. Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Finally, Needham & Company LLC restated a "buy" rating and issued a $80.00 target price on shares of Credo Technology Group 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's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $74.60.

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.