Bank of America Cuts Credo Technology Group (NASDAQ:CRDO) Price Target to $75.00

Credo Technology Group (NASDAQ:CRDO) had its price target reduced by Bank of America from $83.00 to $75.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also recently commented on CRDO. Craig Hallum lifted their target price on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Needham & Company LLC reiterated a “buy” rating and set a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday. Mizuho lifted their target price on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Stifel Nicolaus lifted their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, The Goldman Sachs Group lifted their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average target price of $74.90.

Credo Technology Group Price Performance

NASDAQ CRDO opened at $43.70 on Wednesday. The stock has a market capitalization of $7.31 billion, a price-to-earnings ratio of -291.33 and a beta of 2.16. Credo Technology Group has a one year low of $16.82 and a one year high of $86.69. The business’s fifty day moving average is $68.69 and its 200-day moving average is $52.18.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 21,041 shares of Credo Technology Group stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.19, for a total transaction of $1,434,785.79. Following the completion of the transaction, the director now owns 5,904,277 shares of the company’s stock, valued at $402,612,648.63. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $80.59, for a total value of $805,900.00. Following the transaction, the chief operating officer now directly owns 2,825,621 shares of the company’s stock, valued at $227,716,796.39. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,190,496 shares of company stock valued at $82,695,512 in the last quarter. 16.04% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC grew its holdings in shares of Credo Technology Group by 8.3% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock worth $225,000 after purchasing an additional 255 shares in the last quarter. Assetmark Inc. grew its holdings in shares of Credo Technology Group by 5.4% during the third quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after purchasing an additional 257 shares in the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Credo Technology Group by 51.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,028 shares of the company’s stock worth $75,000 after purchasing an additional 348 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares in the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Credo Technology Group by 9.4% during the fourth quarter. Amalgamated Bank now owns 4,777 shares of the company’s stock worth $321,000 after purchasing an additional 411 shares in the last quarter. Hedge funds and other 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.