Barclays Increases Credo Technology Group (NASDAQ:CRDO) Price Target to $90.00

Credo Technology Group (NASDAQ:CRDO) had its price objective upped by stock analysts at Barclays from $80.00 to $90.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price suggests a potential upside of 12.47% from the company’s previous close.

Other analysts also recently issued reports about the stock. Susquehanna initiated coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target on the stock. The Goldman Sachs Group upped their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Needham & Company LLC lifted their price target 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. Craig Hallum boosted their price objective on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Finally, Roth Mkm raised their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $76.40.

Credo Technology Group Stock Performance

Shares of CRDO opened at $80.02 on Friday. Credo Technology Group has a one year low of $16.82 and a one year high of $82.00. The stock’s fifty day moving average is $62.88 and its 200-day moving average is $43.08. The firm has a market capitalization of $13.38 billion, a price-to-earnings ratio of -533.47 and a beta of 2.11.

Insider Activity at Credo Technology Group

In other news, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the sale, the chief executive officer now owns 2,370,858 shares in the company, valued at $160,388,543.70. This represents a 5.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total value of $10,903,500.00. Following the completion of the sale, the director now directly owns 963,725 shares of the company’s stock, valued at approximately $70,053,170.25. This represents a 13.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,188,804 shares of company stock worth $79,811,292 in the last quarter. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in the business. Point72 Hong Kong Ltd purchased a new position in Credo Technology Group in the third quarter valued at about $3,948,000. Wellington Management Group LLP grew its stake in shares of Credo Technology Group by 32.7% in the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after buying an additional 705,512 shares in the last quarter. Centiva Capital LP acquired a new position in Credo Technology Group in the third quarter worth approximately $553,000. Charles Schwab Investment Management Inc. raised its position in Credo Technology Group by 9.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after acquiring an additional 95,335 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Credo Technology Group by 94.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after acquiring an additional 118,169 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.