Susquehanna Upgrades Credo Technology Group (NASDAQ:CRDO) to “Strong-Buy”

Credo Technology Group (NASDAQ:CRDO) was upgraded by equities research analysts at Susquehanna from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Several other equities analysts have also weighed in on the stock. Bank of America cut their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, March 5th. Craig Hallum raised their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Barclays lifted their price objective 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. Stifel Nicolaus increased their target price on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Finally, TD Cowen boosted their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $74.90.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $39.45 on Monday. The firm has a market cap of $6.60 billion, a P/E ratio of -263.00 and a beta of 2.16. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The stock’s 50-day moving average is $68.09 and its two-hundred day moving average is $52.46.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the sale, the director now directly owns 5,902,402 shares of the company’s stock, valued at $395,224,837.92. This represents a 0.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Yat Tung Lam sold 100,000 shares of the firm’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the completion of the sale, the chief operating officer now owns 1,000,000 shares in the company, valued at $61,130,000. This represents a 9.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,190,496 shares of company stock valued at $82,695,512 in the last 90 days. 16.04% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in the stock. Kestra Investment Management LLC acquired a new position in Credo Technology Group in the 4th quarter valued at approximately $38,000. WASHINGTON TRUST Co bought a new position in Credo Technology Group in the fourth quarter worth $43,000. Principal Securities Inc. lifted its position in Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after purchasing an additional 576 shares during the period. Quarry LP acquired a new stake in Credo Technology Group during the fourth quarter worth $58,000. Finally, Plato Investment Management Ltd bought a new stake in Credo Technology Group in the 4th quarter valued at $61,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.