Credo Technology Group (NASDAQ:CRDO) Upgraded at TD Cowen

TD Cowen upgraded shares of Credo Technology Group (NASDAQ:CRDO) to a strong-buy rating in a research note released on Monday morning, Zacks.com reports.

A number of other brokerages have also recently weighed in on CRDO. Bank of America boosted their price target on Credo Technology Group from $25.00 to $27.00 and gave the stock an underperform rating in a research report on Thursday, September 5th. Stifel Nicolaus boosted their price objective on Credo Technology Group from $36.00 to $40.00 and gave the stock a buy rating in a research report on Tuesday, September 3rd. Needham & Company LLC boosted their price objective on Credo Technology Group from $29.00 to $33.00 and gave the stock a buy rating in a research report on Thursday, September 5th. Roth Mkm boosted their price objective on Credo Technology Group from $30.00 to $35.00 and gave the stock a buy rating in a research report on Thursday, September 5th. Finally, The Goldman Sachs Group boosted their price objective on Credo Technology Group from $26.00 to $31.00 and gave the stock a buy rating in a research report on Friday, September 6th. One investment analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Credo Technology Group presently has a consensus rating of Moderate Buy and a consensus target price of $34.00.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $27.05 on Monday. Credo Technology Group has a fifty-two week low of $13.38 and a fifty-two week high of $36.80. The business has a 50-day moving average of $29.63 and a two-hundred day moving average of $25.14. The stock has a market capitalization of $4.47 billion, a P/E ratio of -150.28 and a beta of 2.26.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $28.22, for a total value of $1,552,100.00. Following the completion of the transaction, the chief technology officer now owns 9,058,602 shares of the company’s stock, valued at approximately $255,633,748.44. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO William Joseph Brennan sold 143,880 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $25.75, for a total value of $3,704,910.00. Following the sale, the chief executive officer now directly owns 2,529,738 shares in the company, valued at approximately $65,140,753.50. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $28.22, for a total value of $1,552,100.00. Following the completion of the sale, the chief technology officer now owns 9,058,602 shares in the company, valued at $255,633,748.44. The disclosure for this sale can be found here. Insiders sold a total of 1,036,190 shares of company stock valued at $31,033,447 in the last quarter. Corporate insiders own 23.89% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Large investors have recently modified their holdings of the stock. Arcadia Investment Management Corp MI bought a new stake in shares of Credo Technology Group in the 2nd quarter valued at approximately $29,000. Fifth Third Bancorp grew its position in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares during the last quarter. CWM LLC grew its position in Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares during the last quarter. Ulland Investment Advisors LLC bought a new stake in Credo Technology Group during the 1st quarter worth approximately $29,000. Finally, Cranbrook Wealth Management LLC bought a new stake in Credo Technology Group during the 2nd quarter worth approximately $51,000. 80.46% of the stock is currently owned by institutional investors.

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.