Credo Technology Group (NASDAQ:CRDO) Shares Up 5.6%

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) rose 5.6% during trading on Thursday . The company traded as high as $28.70 and last traded at $28.56. Approximately 221,667 shares changed hands during trading, a decline of 90% from the average daily volume of 2,217,802 shares. The stock had previously closed at $27.05.

Analyst Ratings Changes

Several brokerages have recently weighed in on CRDO. The Goldman Sachs Group increased their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Craig Hallum increased their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a report on Thursday, September 5th. TD Cowen upgraded Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. Bank of America upped their target price on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. Finally, Stifel Nicolaus lifted their price target on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Credo Technology Group presently has an average rating of “Moderate Buy” and an average target price of $34.00.

Credo Technology Group Trading Up 0.7 %

The stock has a 50 day simple moving average of $29.56 and a 200 day simple moving average of $25.22. The stock has a market cap of $4.82 billion, a P/E ratio of -162.11 and a beta of 2.26.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 45,476 shares of the stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $31.76, for a total transaction of $1,444,317.76. Following the sale, the director now directly owns 39,736 shares in the company, valued at $1,262,015.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Lip Bu Tan sold 45,476 shares of the company’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $31.76, for a total transaction of $1,444,317.76. Following the completion of the transaction, the director now directly owns 39,736 shares in the company, valued at approximately $1,262,015.36. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the transaction, the chief technology officer now owns 9,058,602 shares of the company’s stock, valued at $255,633,748.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 981,190 shares of company stock worth $29,521,497. Company insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of large investors have recently bought and sold shares of CRDO. Wellington Management Group LLP acquired a new stake in Credo Technology Group during the fourth quarter worth approximately $35,224,000. Vanguard Group Inc. grew its position 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 buying an additional 1,420,664 shares during the period. TimesSquare Capital Management LLC bought a new stake in shares of Credo Technology Group in the 1st quarter valued at $22,535,000. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Credo Technology Group by 290.9% during the 1st 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 acquiring an additional 881,344 shares during the period. Finally, Westfield Capital Management Co. LP bought a new position in Credo Technology Group during the first quarter worth $17,847,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.