Credo Technology Group (NASDAQ:CRDO) Price Target Lowered to $69.00 at Stifel Nicolaus

Credo Technology Group (NASDAQ:CRDO - Free Report) had its target price trimmed by Stifel Nicolaus from $85.00 to $69.00 in a research note released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the stock.

CRDO has been the topic of several other research reports. Needham & Company LLC reaffirmed a "buy" rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday, March 5th. Susquehanna upgraded Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. The Goldman Sachs Group lifted their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Mizuho cut their price objective on Credo Technology Group from $90.00 to $82.00 and set an "outperform" rating for the company in a report on Thursday, April 3rd. Finally, Bank of America lowered their target price on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating on the stock in a research note on Wednesday, March 5th. Nine analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $73.50.

Credo Technology Group Stock Down 3.2 %

NASDAQ:CRDO traded down $1.20 during mid-day trading on Thursday, hitting $36.52. 2,408,216 shares of the stock traded hands, compared to its average volume of 3,508,314. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $86.69. The company has a market cap of $6.20 billion, a PE ratio of -243.47 and a beta of 2.30. The business's 50-day moving average price is $48.58 and its 200 day moving average price is $54.50.

Insider Activity at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $80.59, for a total transaction of $805,900.00. Following the completion of the sale, the chief operating officer now owns 2,825,621 shares of the company's stock, valued at approximately $227,716,796.39. This represents a 0.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Chi Fung Cheng sold 60,000 shares of the firm's stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $80.57, for a total transaction of $4,834,200.00. Following the completion of the sale, the chief technology officer now owns 8,268,602 shares in the company, valued at $666,201,263.14. This represents a 0.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 633,665 shares of company stock valued at $33,612,713. Insiders own 16.04% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in CRDO. Rakuten Securities Inc. lifted its position in shares of Credo Technology Group by 81.8% in the first quarter. Rakuten Securities Inc. now owns 4,248 shares of the company's stock valued at $171,000 after acquiring an additional 1,911 shares in the last quarter. Fortitude Advisory Group L.L.C. boosted its stake in Credo Technology Group by 23.2% in the 1st quarter. Fortitude Advisory Group L.L.C. now owns 6,390 shares of the company's stock worth $241,000 after purchasing an additional 1,203 shares during the period. Janney Montgomery Scott LLC raised its position in shares of Credo Technology Group by 27.9% during the first quarter. Janney Montgomery Scott LLC now owns 6,721 shares of the company's stock valued at $270,000 after buying an additional 1,467 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Credo Technology Group in the first quarter worth $301,000. Finally, Handelsbanken Fonder AB grew its stake in Credo Technology Group by 7.3% during the first quarter. Handelsbanken Fonder AB now owns 35,400 shares of the company's stock valued at $1,422,000 after acquiring an additional 2,400 shares in the last quarter. 80.46% of the stock is currently 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.