Credo Technology Group (NASDAQ:CRDO) Earns Neutral Rating from Analysts at Susquehanna

Susquehanna started coverage on shares of Credo Technology Group (NASDAQ:CRDO) in a research note released on Tuesday, MarketBeat.com reports. The firm issued a neutral rating and a $80.00 price target on the stock.

A number of other analysts have also recently weighed in on the company. Craig Hallum raised their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus restated a “buy” rating and set a $75.00 target price (up previously from $50.00) on shares of Credo Technology Group in a research note on Tuesday, December 3rd. Barclays increased their price target on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. TD Cowen boosted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their target price for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $68.60.

Credo Technology Group Trading Up 0.9 %

Shares of NASDAQ:CRDO opened at $67.04 on Tuesday. The company has a market cap of $11.21 billion, a PE ratio of -446.93 and a beta of 2.26. The company’s 50 day moving average is $49.53 and its two-hundred day moving average is $36.66. Credo Technology Group has a 52 week low of $16.82 and a 52 week high of $78.97.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 3,799 shares of Credo Technology Group stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value of $268,703.27. Following the transaction, the director now directly owns 1,709,926 shares in the company, valued at $120,943,065.98. This trade represents a 0.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $38.41, for a total transaction of $384,100.00. Following the transaction, the chief operating officer now owns 2,872,672 shares of the company’s stock, valued at approximately $110,339,331.52. The trade was a 0.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,276,120 shares of company stock valued at $49,535,455 over the last quarter. 16.04% of the stock is currently owned by insiders.

Institutional Trading of Credo Technology Group

Several hedge funds have recently modified their holdings of the business. Swedbank AB raised 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 worth $101,650,000 after acquiring an additional 2,961,454 shares in the last quarter. Point72 Asset Management L.P. lifted its stake in shares of 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 purchasing an additional 1,660,230 shares during the period. FMR LLC boosted its holdings 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 in the last quarter. Wellington Management Group LLP grew its position in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after buying an additional 705,512 shares during the period. Finally, Principal Financial Group Inc. increased its holdings in Credo Technology Group by 22.7% in the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock valued at $61,415,000 after buying an additional 368,518 shares in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

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.