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

Credo Technology Group (NASDAQ:CRDO) had its price target increased by Stifel Nicolaus from $75.00 to $80.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

CRDO has been the subject of several other reports. Craig Hallum lifted their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Mizuho lifted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research report on Monday, October 14th. The Goldman Sachs Group raised their target price 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. Needham & Company LLC boosted 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 note on Tuesday, December 3rd. Finally, TD Cowen raised their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $69.10.

Credo Technology Group Price Performance

CRDO opened at $73.02 on Monday. The company’s 50 day simple moving average is $57.88 and its 200-day simple moving average is $40.73. Credo Technology Group has a one year low of $16.82 and a one year high of $78.97. The stock has a market capitalization of $12.21 billion, a P/E ratio of -486.80 and a beta of 2.11.

Insider Activity at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total value of $4,153,200.00. Following the completion of the transaction, the chief technology officer now directly owns 8,448,602 shares in the company, valued at approximately $584,812,230.44. The trade was a 0.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the sale, the director now owns 1,113,725 shares in the company, valued at $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 995,295 shares of company stock worth $59,716,373 in the last quarter. Corporate insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently made changes to their positions in the stock. Allworth Financial LP lifted its position in 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 acquiring an additional 771 shares in the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $30,000. Brown Brothers Harriman & Co. lifted its holdings in shares of Credo Technology Group by 695.1% in 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 acquired a new position in shares of Credo Technology Group during the second quarter worth about $51,000. Finally, Larson Financial Group LLC grew its holdings in shares of Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock worth $61,000 after buying an additional 1,399 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

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.