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

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

Several other equities research analysts also recently weighed in on CRDO. Mizuho upped their price target on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Needham & Company LLC upped their target price 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. Susquehanna assumed coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $69.10.

Credo Technology Group Stock Up 5.9 %

NASDAQ:CRDO opened at $76.64 on Monday. Credo Technology Group has a 52 week low of $16.82 and a 52 week high of $78.97. The company has a fifty day simple moving average of $57.21 and a two-hundred day simple moving average of $40.39. The company has a market cap of $12.82 billion, a price-to-earnings ratio of -510.93 and a beta of 2.11.

Insider Activity

In other news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Friday, October 11th. The shares were sold at an average price of $38.41, for a total value of $384,100.00. Following the sale, the chief operating officer now owns 2,872,672 shares of the company’s stock, valued at $110,339,331.52. The trade was a 0.35 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lip Bu Tan sold 3,799 shares of the stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $70.73, for a total transaction of $268,703.27. Following the transaction, the director now directly owns 1,709,926 shares of the company’s stock, valued at $120,943,065.98. This represents a 0.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 970,295 shares of company stock valued at $52,700,373. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Allworth Financial LP grew its holdings in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after acquiring an additional 771 shares during the period. Rakuten Securities Inc. purchased a new stake in shares of Credo Technology Group during the 3rd quarter worth $30,000. Brown Brothers Harriman & Co. grew its stake in shares of Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after purchasing an additional 1,001 shares during the period. Cranbrook Wealth Management LLC purchased a new position in shares of Credo Technology Group in the 2nd quarter valued at about $51,000. Finally, Larson Financial Group LLC lifted its stake in shares of Credo Technology Group by 240.0% in the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after purchasing an additional 1,399 shares during the period. 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.