Credo Technology Group (NASDAQ:CRDO) Hits New 1-Year High – What’s Next?

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price reached a new 52-week high on Thursday . The stock traded as high as $86.69 and last traded at $85.50, with a volume of 4867867 shares trading hands. The stock had previously closed at $81.52.

Analysts Set New Price Targets

CRDO has been the subject of a number of research reports. Barclays lifted their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Roth Mkm raised their price target on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Susquehanna began coverage on Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective on the stock. TD Cowen increased their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Finally, Needham & Company LLC raised their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Trading Up 4.9 %

The business’s fifty day simple moving average is $65.04 and its two-hundred day simple moving average is $44.15. The stock has a market capitalization of $14.30 billion, a P/E ratio of -570.00 and a beta of 2.11.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 150,000 shares of Credo Technology Group stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $72.69, for a total transaction of $10,903,500.00. Following the sale, the director now owns 963,725 shares in the company, valued at $70,053,170.25. The trade was a 13.47 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Pantas Sutardja sold 21,041 shares of the stock in a transaction on Friday, December 20th. The shares were 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 approximately $402,612,648.63. This represents a 0.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,133,804 shares of company stock valued at $77,653,092 over the last three months. 16.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently modified their holdings of CRDO. Swedbank AB grew its position in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after acquiring an additional 2,961,454 shares during the period. Point72 Asset Management L.P. boosted its position in Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after buying an additional 1,660,230 shares in the last quarter. FMR LLC grew its stake in Credo Technology Group by 731.6% during the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after buying an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after buying an additional 909,578 shares in the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after acquiring an additional 705,512 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

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.