Credo Technology Group (NASDAQ:CRDO - Free Report) had its price objective trimmed by Bank of America from $83.00 to $75.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.
Several other research analysts have also recently issued reports on CRDO. Stifel Nicolaus increased their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, January 6th. Barclays increased their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Friday, January 17th. TD Cowen increased their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. Mizuho increased their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a report on Friday, January 10th. Finally, The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.90.
Read Our Latest Analysis on CRDO
Credo Technology Group Stock Up 3.9 %
NASDAQ CRDO traded up $1.63 during trading hours on Wednesday, hitting $43.70. 8,368,709 shares of the stock were exchanged, compared to its average volume of 3,091,176. The company has a market cap of $7.31 billion, a price-to-earnings ratio of -291.33 and a beta of 2.16. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $86.69. The stock has a 50-day moving average of $68.69 and a 200 day moving average of $52.43.
Insider Activity
In related news, COO Yat Tung Lam sold 100,000 shares of the firm's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $68.03, for a total transaction of $6,803,000.00. Following the sale, the chief operating officer now owns 400,000 shares in the company, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 3,790 shares of the firm's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the sale, the chief financial officer now owns 652,666 shares in the company, valued at approximately $45,640,933.38. This trade represents a 0.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,190,496 shares of company stock worth $82,695,512 over the last ninety days. 16.04% of the stock is currently owned by insiders.
Institutional Trading of Credo Technology Group
Hedge funds have recently bought and sold shares of the company. Point72 Hong Kong Ltd acquired a new stake in Credo Technology Group during the third quarter worth approximately $3,948,000. Wellington Management Group LLP boosted its holdings 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 purchasing an additional 705,512 shares during the last quarter. Centiva Capital LP acquired a new position in shares of Credo Technology Group in the 3rd quarter valued at $553,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company's stock valued at $35,006,000 after purchasing an additional 95,335 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Credo Technology Group by 94.1% in the 3rd 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 purchasing an additional 118,169 shares during the last quarter. Institutional investors and hedge funds own 80.46% of the company's stock.
Credo Technology Group Company Profile
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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.
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