Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $84.00

Credo Technology Group (NASDAQ:CRDO) had its target price upped by The Goldman Sachs Group from $65.00 to $84.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential upside of 13.82% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their price target for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Stifel Nicolaus increased their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Susquehanna initiated coverage on Credo Technology Group in a research note on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target on the stock. TD Cowen boosted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Needham & Company LLC lifted their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $75.40.

Credo Technology Group Trading Up 1.1 %

CRDO stock opened at $73.80 on Friday. The firm has a 50-day moving average of $59.91 and a two-hundred day moving average of $41.50. The company has a market cap of $12.34 billion, a price-to-earnings ratio of -492.00 and a beta of 2.11. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $78.97.

Insiders Place Their Bets

In related news, Director Lip Bu Tan sold 150,000 shares of the company’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the sale, the director now directly owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This represents a 11.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $39.24, for a total value of $2,158,200.00. Following the completion of the sale, the chief technology officer now owns 8,838,602 shares of the company’s stock, valued at approximately $346,826,742.48. This represents a 0.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 890,295 shares of company stock valued at $57,729,123 in the last ninety days. Insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP increased its position in Credo Technology Group by 917.9% in the 3rd quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares during the period. Rakuten Securities Inc. purchased a new position in Credo Technology Group in the 3rd quarter valued at $30,000. Brown Brothers Harriman & Co. raised its position in Credo Technology Group by 695.1% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the last quarter. Cranbrook Wealth Management LLC acquired a new stake in shares of Credo Technology Group in the 2nd quarter worth $51,000. Finally, Larson Financial Group LLC boosted its holdings in shares of Credo Technology Group by 240.0% in the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after acquiring an additional 1,399 shares in the last quarter. 80.46% of the stock is owned by hedge funds and other 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.