Credo Technology Group (NASDAQ:CRDO) PT Raised to $40.00

Credo Technology Group (NASDAQ:CRDO) had its target price hoisted by research analysts at Stifel Nicolaus from $36.00 to $40.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ price target suggests a potential upside of 27.80% from the stock’s previous close.

CRDO has been the topic of a number of other reports. TD Cowen increased their price target on Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, July 15th. Needham & Company LLC increased their target price on shares of Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a research note on Thursday, May 30th. Barclays lifted their price target on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, May 30th. Finally, Bank of America reissued an “underperform” rating and set a $22.00 price objective (up previously from $21.00) on shares of Credo Technology Group in a research report on Thursday, May 30th. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. According to MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average target price of $30.88.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $31.30 on Tuesday. The stock has a market capitalization of $5.17 billion, a PE ratio of -173.89 and a beta of 2.23. The business’s 50 day simple moving average is $30.63 and its 200 day simple moving average is $24.84. Credo Technology Group has a one year low of $13.38 and a one year high of $36.80.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction on Tuesday, June 11th. The shares were sold at an average price of $28.21, for a total transaction of $282,100.00. Following the transaction, the chief operating officer now directly owns 3,130,945 shares of the company’s stock, valued at approximately $88,323,958.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $28.21, for a total value of $282,100.00. Following the completion of the transaction, the chief operating officer now directly owns 3,130,945 shares of the company’s stock, valued at $88,323,958.45. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 245,438 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46. Following the sale, the director now directly owns 2,863,725 shares of the company’s stock, valued at $93,557,895.75. The disclosure for this sale can be found here. In the last three months, insiders sold 892,310 shares of company stock valued at $27,376,087. 23.89% of the stock is owned by insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fifth Third Bancorp grew its stake in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares in the last quarter. CWM LLC grew its stake in shares of Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares during the last quarter. Arcadia Investment Management Corp MI bought a new position in Credo Technology Group during the 2nd quarter worth approximately $29,000. Advisors Asset Management Inc. increased its stake in Credo Technology Group by 47.6% in the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after purchasing an additional 1,229 shares during the period. Finally, Assetmark Inc. lifted its position in Credo Technology Group by 30.1% in the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after purchasing an additional 1,263 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.