Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $80.00

Credo Technology Group (NASDAQ:CRDO) had its price objective boosted by Stifel Nicolaus from $75.00 to $80.00 in a research note issued to investors on Monday,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

A number of other brokerages have also recently issued reports on CRDO. TD Cowen upped their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Needham & Company LLC upped their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price objective for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Finally, Craig Hallum raised their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.10.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $73.02 on Monday. The firm has a 50-day moving average of $57.88 and a 200-day moving average of $40.73. The company has a market cap of $12.21 billion, a price-to-earnings ratio of -486.80 and a beta of 2.11. Credo Technology Group has a one year low of $16.82 and a one year high of $78.97.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the transaction, the director now directly owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. The trade was a 11.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the sale, the chief executive officer now directly owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 995,295 shares of company stock valued at $59,716,373 in the last ninety days. 16.04% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently bought and sold shares of the company. Allworth Financial LP raised its position in shares of Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares in the last quarter. Rakuten Securities Inc. bought a new position in Credo Technology Group in the third quarter valued at approximately $30,000. Brown Brothers Harriman & Co. raised its position in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares in the last quarter. Cranbrook Wealth Management LLC bought a new stake in Credo Technology Group during the second quarter worth $51,000. Finally, Larson Financial Group LLC boosted its holdings in shares of Credo Technology Group by 240.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after purchasing an additional 1,399 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.