Credo Technology Group (NASDAQ:CRDO) Trading 3% Higher

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s share price traded up 3% on Wednesday . The company traded as high as $30.82 and last traded at $30.77. 353,167 shares were traded during trading, a decline of 84% from the average session volume of 2,224,493 shares. The stock had previously closed at $29.88.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Needham & Company LLC upped their price target on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. Craig Hallum raised their price objective on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. TD Cowen raised Credo Technology Group to a “strong-buy” rating in a research report on Monday, September 16th. Finally, Roth Mkm lifted their price target on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.00.

Credo Technology Group Stock Up 4.7 %

The firm has a market cap of $5.16 billion, a P/E ratio of -173.50 and a beta of 2.26. The stock’s 50-day moving average is $29.44 and its 200-day moving average is $25.46.

Insider Transactions at Credo Technology Group

In related news, Director Lip Bu Tan sold 112,441 shares of Credo Technology Group stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $31.99, for a total transaction of $3,596,987.59. Following the sale, the director now directly owns 133,583 shares of the company’s stock, valued at $4,273,320.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $30.63, for a total transaction of $1,684,650.00. Following the sale, the chief technology officer now directly owns 9,388,602 shares in the company, valued at approximately $287,572,879.26. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Lip Bu Tan sold 112,441 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $31.99, for a total transaction of $3,596,987.59. Following the completion of the transaction, the director now directly owns 133,583 shares of the company’s stock, valued at approximately $4,273,320.17. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,036,190 shares of company stock worth $31,153,347. 23.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. AMF Tjanstepension AB raised its stake in Credo Technology Group by 31.8% during the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after acquiring an additional 413,149 shares in the last quarter. Thornburg Investment Management Inc. lifted its holdings in Credo Technology Group by 37.1% during the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after purchasing an additional 64,177 shares during the last quarter. Capstone Investment Advisors LLC bought a new stake in Credo Technology Group during the first quarter worth about $2,732,000. Swiss National Bank grew its stake in Credo Technology Group by 14.7% during the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after buying an additional 32,600 shares during the last quarter. Finally, Castleark Management LLC acquired a new stake in shares of Credo Technology Group during the first quarter worth approximately $3,876,000. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

Credo Technology Group Holding Ltd provides various high-speed 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.