Credo Technology Group (NASDAQ:CRDO) Given New $69.00 Price Target at Stifel Nicolaus

Credo Technology Group (NASDAQ:CRDO) had its price objective lowered by equities researchers at Stifel Nicolaus from $85.00 to $69.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target would suggest a potential upside of 85.49% from the stock’s current price.

A number of other analysts have also recently weighed in on CRDO. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Bank of America cut their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Finally, Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $73.50.

Credo Technology Group Stock Down 1.4 %

CRDO stock opened at $37.20 on Thursday. The company has a market capitalization of $6.32 billion, a price-to-earnings ratio of -246.89 and a beta of 2.30. The firm has a 50 day moving average of $50.13 and a two-hundred day moving average of $54.41. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $86.69.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $80.57, for a total value of $4,834,200.00. Following the sale, the chief technology officer now directly owns 8,268,602 shares in the company, valued at $666,201,263.14. This trade represents a 0.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Laufman sold 8,000 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $39.09, for a total value of $312,720.00. Following the completion of the sale, the insider now directly owns 271,725 shares of the company’s stock, valued at approximately $10,621,730.25. The trade was a 2.86 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 578,665 shares of company stock worth $31,561,763. Company insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently made changes to their positions in CRDO. Nisa Investment Advisors LLC lifted its stake in Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after acquiring an additional 255 shares in the last quarter. CIBC Private Wealth Group LLC increased its position in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock valued at $75,000 after acquiring an additional 348 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after purchasing an additional 351 shares during the last quarter. Amalgamated Bank raised its position in Credo Technology Group by 9.4% in the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after acquiring an additional 411 shares during the period. Finally, Arizona State Retirement System raised its holdings in shares of Credo Technology Group by 1.2% in the 4th quarter. Arizona State Retirement System now owns 40,931 shares of the company’s stock worth $2,751,000 after purchasing an additional 501 shares during the period. 80.46% of the stock is owned by institutional investors.

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.