Credo Technology Group (NASDAQ:CRDO) Shares Gap Up After Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO) gapped up prior to trading on Friday after The Goldman Sachs Group raised their price target on the stock from $26.00 to $31.00. The stock had previously closed at $26.65, but opened at $27.50. The Goldman Sachs Group currently has a buy rating on the stock. Credo Technology Group shares last traded at $25.98, with a volume of 585,053 shares trading hands.

Other research analysts have also issued research reports about the company. Craig Hallum lifted their target price on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday. TD Cowen boosted their price objective on shares of Credo Technology Group from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Stifel Nicolaus increased their target price on shares of Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, September 3rd. Needham & Company LLC raised their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a report on Thursday. Finally, Bank of America upped their price target on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a report on Thursday. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $34.00.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 245,438 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $32.67, for a total value of $8,018,459.46. Following the transaction, the director now owns 2,863,725 shares of the company’s stock, valued at $93,557,895.75. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $32.67, for a total value of $8,018,459.46. Following the completion of the sale, the director now owns 2,863,725 shares of the company’s stock, valued at $93,557,895.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, June 11th. The stock was 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 in the company, valued at $88,323,958.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 892,310 shares of company stock valued at $27,376,087. Insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

Several hedge funds have recently added to or reduced their stakes in the business. Ulland Investment Advisors LLC purchased a new position in shares of Credo Technology Group in the first quarter worth about $29,000. Arcadia Investment Management Corp MI bought a new stake in Credo Technology Group in the second quarter valued at approximately $29,000. Fifth Third Bancorp boosted its stake in shares of 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 purchasing an additional 400 shares during the period. Covestor Ltd grew its holdings in shares of Credo Technology Group by 19,240.0% in the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock worth $41,000 after purchasing an additional 1,924 shares during the last quarter. Finally, CWM LLC increased its stake in shares of Credo Technology Group by 78.1% in the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after buying an additional 594 shares during the period. 80.46% of the stock is owned by institutional investors.

Credo Technology Group Trading Down 8.5 %

The company has a market capitalization of $4.03 billion, a P/E ratio of -135.44 and a beta of 2.26. The stock’s fifty day moving average is $30.38 and its 200 day moving average is $24.89.

About Credo Technology Group

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.