Mizuho Boosts Credo Technology Group (NASDAQ:CRDO) Price Target to $85.00

Credo Technology Group (NASDAQ:CRDO) had its target price upped by Mizuho from $70.00 to $85.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has an outperform rating on the stock.

CRDO has been the subject of several other research reports. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their target price for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Roth Mkm increased their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Susquehanna assumed coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 target price on the stock. Craig Hallum upped their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Finally, The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.40.

Credo Technology Group Stock Performance

Shares of CRDO opened at $73.80 on Friday. Credo Technology Group has a 52-week low of $16.82 and a 52-week high of $78.97. The firm has a market cap of $12.34 billion, a price-to-earnings ratio of -492.00 and a beta of 2.11. The business’s fifty day moving average is $59.91 and its 200-day moving average is $41.59.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $47.37, for a total transaction of $2,605,350.00. Following the completion of the sale, the chief technology officer now owns 8,728,602 shares of the company’s stock, valued at $413,473,876.74. This trade represents a 0.63 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Lip Bu Tan sold 3,799 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total transaction of $268,703.27. Following the transaction, the director now owns 1,709,926 shares in the company, valued at $120,943,065.98. The trade was a 0.22 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 875,014 shares of company stock worth $57,132,400. Company insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRDO. Swedbank AB raised its holdings in Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in shares of Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares during the last quarter. FMR LLC raised its holdings in shares of Credo Technology Group by 731.6% in the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after acquiring an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. lifted its position in Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares in the last quarter. Finally, Wellington Management Group LLP boosted its stake in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after purchasing an additional 705,512 shares during 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.