Credo Technology Group (NASDAQ:CRDO) Now Covered by Analysts at Susquehanna

Susquehanna initiated coverage on shares of Credo Technology Group (NASDAQ:CRDO) in a research note released on Tuesday morning, Marketbeat.com reports. The firm issued a neutral rating and a $80.00 price objective on the stock.

A number of other research firms have also weighed in on CRDO. Mizuho raised their target price on Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a report on Monday, October 14th. TD Cowen lifted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Stifel Nicolaus reiterated a “buy” rating and issued a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a report on Tuesday, December 3rd. Roth Mkm boosted their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Finally, Barclays lifted their target price on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and a consensus target price of $68.60.

Credo Technology Group Stock Down 9.6 %

Shares of NASDAQ:CRDO opened at $69.83 on Tuesday. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $78.97. The stock’s 50 day moving average is $47.59 and its 200-day moving average is $35.93. The firm has a market capitalization of $11.68 billion, a price-to-earnings ratio of -465.53 and a beta of 2.26.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $29.67, for a total transaction of $1,631,850.00. Following the sale, the chief technology officer now owns 9,003,602 shares of the company’s stock, valued at $267,136,871.34. The trade was a 0.61 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William Joseph Brennan sold 143,880 shares of the firm’s 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 completion of the transaction, the chief executive officer now directly owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. The trade was a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,276,120 shares of company stock worth $49,535,455. 16.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC boosted its position in shares of Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after acquiring an additional 594 shares during the period. Fifth Third Bancorp boosted its holdings in Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the period. Bank of New York Mellon Corp boosted its holdings in Credo Technology Group by 62.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 654,773 shares of the company’s stock valued at $20,913,000 after purchasing an additional 252,349 shares during the period. RiverPark Advisors LLC purchased a new position in shares of Credo Technology Group during the 2nd quarter valued at $175,000. Finally, Panagora Asset Management Inc. increased its holdings in shares of Credo Technology Group by 12.0% in the second quarter. Panagora Asset Management Inc. now owns 597,793 shares of the company’s stock worth $19,094,000 after purchasing an additional 63,875 shares during the period. 80.46% of the stock is currently owned by institutional investors.

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.