Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $85.00

Credo Technology Group (NASDAQ:CRDO) had its price objective lifted by Mizuho from $70.00 to $85.00 in a research report sent to investors on Friday,Benzinga reports. They currently have an outperform rating on the stock.

Several other analysts have also weighed in on the stock. Roth Mkm raised their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Needham & Company LLC lifted their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Barclays increased their target price on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Finally, Stifel Nicolaus boosted 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 note on Monday, January 6th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $75.40.

Credo Technology Group Stock Up 1.1 %

NASDAQ:CRDO opened at $73.80 on Friday. The firm has a 50-day moving average price of $59.91 and a 200 day moving average price of $41.59. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $78.97. The firm has a market capitalization of $12.34 billion, a PE ratio of -492.00 and a beta of 2.11.

Insider Transactions at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,790 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total transaction of $265,034.70. Following the transaction, the chief financial officer now directly owns 652,666 shares in the company, valued at $45,640,933.38. The trade was a 0.58 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $39.24, for a total value of $2,158,200.00. Following the transaction, the chief technology officer now directly owns 8,838,602 shares in the company, valued at approximately $346,826,742.48. This trade represents a 0.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 875,014 shares of company stock valued at $57,132,400 in the last ninety days. 16.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Swedbank AB boosted its holdings in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares during the period. FMR LLC grew its position in shares of Credo Technology Group by 731.6% in the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after purchasing an additional 1,013,789 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after purchasing an additional 909,578 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the last quarter. 80.46% of the stock is owned by 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.