Credo Technology Group (NASDAQ:CRDO) Given New $70.00 Price Target at Barclays

Credo Technology Group (NASDAQ:CRDO - Free Report) had its target price trimmed by Barclays from $90.00 to $70.00 in a research note issued to investors on Tuesday morning, MarketBeat.com reports. The firm currently has an overweight rating on the stock.

CRDO has been the subject of several other research reports. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Susquehanna upgraded shares of Credo Technology Group from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Mizuho dropped their target price on shares of Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating on the stock in a research note on Thursday, April 3rd. Bank of America decreased their price target on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Finally, Stifel Nicolaus dropped their price objective on Credo Technology Group from $85.00 to $69.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $71.50.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO traded up $0.26 during trading on Tuesday, hitting $42.65. The company had a trading volume of 521,148 shares, compared to its average volume of 3,539,847. The stock has a market cap of $7.24 billion, a price-to-earnings ratio of -284.62 and a beta of 2.30. The company has a fifty day simple moving average of $46.01 and a two-hundred day simple moving average of $54.69. Credo Technology Group has a one year low of $16.91 and a one year high of $86.69.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the sale, the chief technology officer now owns 8,213,602 shares in the company, valued at approximately $475,321,147.74. The trade was a 0.67 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $58.66, for a total transaction of $5,866,000.00. Following the completion of the transaction, the chief operating officer now directly owns 2,825,621 shares of the company's stock, valued at $165,750,927.86. The trade was a 3.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 618,665 shares of company stock worth $29,993,313. Corporate insiders own 16.04% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new stake in Credo Technology Group during the 4th quarter valued at about $117,242,000. Alliancebernstein L.P. boosted its position in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after buying an additional 1,305,594 shares during the last quarter. Polar Capital Holdings Plc increased its holdings in Credo Technology Group by 382.1% in the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after buying an additional 1,150,084 shares during the period. JPMorgan Chase & Co. raised its position in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after buying an additional 909,578 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Credo Technology Group by 441.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 975,935 shares of the company's stock valued at $65,594,000 after acquiring an additional 795,751 shares during the period. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.