Barclays Raises Credo Technology Group (NASDAQ:CRDO) Price Target to $32.00

Credo Technology Group (NASDAQ:CRDO) had its price objective raised by Barclays from $30.00 to $32.00 in a research note published on Thursday, Benzinga reports. Barclays currently has an overweight rating on the stock.

A number of other equities analysts also recently commented on CRDO. Bank of America restated an underperform rating and issued a $22.00 price objective (up previously from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. TD Cowen increased their price target on shares of Credo Technology Group from $35.00 to $40.00 and gave the stock a buy rating in a research note on Monday, July 15th. Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a buy rating in a research note on Thursday. Finally, 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 report on Tuesday, September 3rd. One analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $34.00.

Credo Technology Group Price Performance

Shares of NASDAQ CRDO opened at $24.38 on Thursday. Credo Technology Group has a one year low of $13.38 and a one year high of $36.80. The business’s 50-day moving average price is $30.38 and its two-hundred day moving average price is $24.89. The company has a market capitalization of $4.03 billion, a P/E ratio of -135.44 and a beta of 2.26.

Insiders Place Their Bets

In other news, Director Lip Bu Tan sold 245,438 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 2,863,725 shares of the company’s stock, valued at $93,557,895.75. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $28.99, for a total transaction of $1,594,450.00. Following the completion of the transaction, the chief technology officer now directly owns 9,553,602 shares in the company, valued at approximately $276,958,921.98. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lip Bu Tan sold 245,438 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the completion of the sale, the director now owns 2,863,725 shares in the company, valued at $93,557,895.75. The disclosure for this sale can be found here. Insiders sold a total of 892,310 shares of company stock valued at $27,376,087 in the last quarter. Insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Wellington Management Group LLP bought a new position in Credo Technology Group during the fourth quarter valued at about $35,224,000. Vanguard Group Inc. grew its holdings in shares of Credo Technology Group by 11.3% during the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock worth $272,414,000 after purchasing an additional 1,420,664 shares in the last quarter. TimesSquare Capital Management LLC acquired a new stake in shares of Credo Technology Group during the 1st quarter worth approximately $22,535,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in shares of Credo Technology Group by 290.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock valued at $25,096,000 after purchasing an additional 881,344 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new position in shares of Credo Technology Group in the first quarter valued at $17,847,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.