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

Credo Technology Group (NASDAQ:CRDO) had its target price reduced by research analysts at Stifel Nicolaus from $85.00 to $69.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price objective points to a potential upside of 88.94% from the stock’s current price.

Several other analysts also recently commented on CRDO. Barclays raised their price objective on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. Mizuho decreased their price objective on Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a research report on Thursday, April 3rd. The Goldman Sachs Group upped their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Finally, Bank of America reduced 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. Nine equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $73.50.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $36.52 on Thursday. The company’s 50 day simple moving average is $48.58 and its 200 day simple moving average is $54.50. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of -243.47 and a beta of 2.30. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $86.69.

Insider Buying and Selling

In other news, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction on Monday, April 14th. The shares were sold at an average price of $39.09, for a total transaction of $312,720.00. Following the transaction, the insider now owns 271,725 shares in the company, valued at approximately $10,621,730.25. The trade was a 2.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 633,665 shares of company stock worth $33,612,713 in the last 90 days. Insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in CRDO. Orion Portfolio Solutions LLC increased its position in Credo Technology Group by 40.6% during the 3rd quarter. Orion Portfolio Solutions LLC now owns 10,190 shares of the company’s stock valued at $314,000 after purchasing an additional 2,945 shares during the period. Geode Capital Management LLC raised its stake in Credo Technology Group by 5.7% during the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after buying an additional 170,412 shares during the last quarter. Franklin Resources Inc. lifted its holdings in Credo Technology Group by 17.9% in the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock valued at $2,250,000 after buying an additional 11,065 shares during the period. Principal Financial Group Inc. boosted its position in Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after acquiring an additional 368,518 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares in the last quarter. Institutional investors and hedge funds 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.