Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $40.00

Credo Technology Group (NASDAQ:CRDO) had its price objective upped by Stifel Nicolaus from $36.00 to $40.00 in a research note published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

CRDO has been the subject of a number of other reports. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $26.00 to $29.00 and gave the company a buy rating in a research note on Thursday, May 30th. TD Cowen lifted 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. Bank of America reiterated an underperform rating and issued a $22.00 price objective (up from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. Finally, Barclays raised their price target on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an overweight rating in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $33.44.

Credo Technology Group Trading Down 14.9 %

Credo Technology Group stock opened at $26.65 on Tuesday. Credo Technology Group has a 1-year low of $13.38 and a 1-year high of $36.80. The firm has a market capitalization of $4.40 billion, a price-to-earnings ratio of -148.06 and a beta of 2.23. The firm has a 50 day simple moving average of $30.63 and a 200 day simple moving average of $24.84.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $26.85, for a total value of $1,476,750.00. Following the transaction, the chief technology officer now owns 9,278,602 shares in the company, valued at $249,130,463.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $26.85, for a total value of $1,476,750.00. Following the transaction, the chief technology officer now owns 9,278,602 shares in the company, valued at $249,130,463.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lip Bu Tan sold 245,438 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the completion of the transaction, the director now owns 2,863,725 shares in the company, valued at approximately $93,557,895.75. The disclosure for this sale can be found here. Insiders have sold a total of 892,310 shares of company stock worth $27,376,087 in the last 90 days. 23.89% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group during the second quarter valued at about $29,000. Fifth Third Bancorp boosted its stake in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares in the last quarter. CWM LLC boosted its stake in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares in the last quarter. Ulland Investment Advisors LLC bought a new stake in Credo Technology Group during the first quarter worth about $29,000. Finally, Cranbrook Wealth Management LLC bought a new stake in Credo Technology Group during the second quarter worth about $51,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.