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

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its target price lifted by investment analysts at Mizuho from $70.00 to $85.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Mizuho's price target indicates a potential upside of 15.18% from the stock's previous close.

A number of other research analysts have also recently weighed in on the stock. Susquehanna assumed coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They set a "neutral" rating and a $80.00 price objective for the company. Bank of America raised Credo Technology Group from an "underperform" rating to a "buy" rating and raised their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. The Goldman Sachs Group upped their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday. Barclays lifted their price objective on Credo Technology Group from $32.00 to $80.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 3rd. Finally, TD Cowen raised their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Credo Technology Group has an average rating of "Moderate Buy" and a consensus target price of $75.40.

Credo Technology Group Stock Up 1.1 %

Shares of CRDO traded up $0.78 on Friday, reaching $73.80. The stock had a trading volume of 3,839,734 shares, compared to its average volume of 4,100,167. The firm has a 50-day moving average of $59.24 and a 200 day moving average of $41.18. The firm has a market capitalization of $12.34 billion, a PE ratio of -492.00 and a beta of 2.11. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $78.97.

Insiders Place Their Bets

In related news, Director Lip Bu Tan sold 15,281 shares of the firm's stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $39.05, for a total transaction of $596,723.05. Following the sale, the director now directly owns 1,748,444 shares in the company, valued at approximately $68,276,738.20. This trade represents a 0.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 60,000 shares of the business's stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $72.09, for a total transaction of $4,325,400.00. Following the transaction, the chief technology officer now directly owns 8,388,602 shares in the company, valued at approximately $604,734,318.18. The trade was a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 890,295 shares of company stock valued at $57,729,123 over the last quarter. Company insiders own 16.04% of the company's stock.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Allworth Financial LP boosted its stake in Credo Technology Group by 917.9% during the 3rd quarter. Allworth Financial LP now owns 855 shares of the company's stock valued at $26,000 after acquiring an additional 771 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Credo Technology Group during the 3rd quarter valued at approximately $30,000. Brown Brothers Harriman & Co. lifted its stake in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock worth $35,000 after purchasing an additional 1,001 shares during the last quarter. Cranbrook Wealth Management LLC acquired a new position in Credo Technology Group in the second quarter worth $51,000. Finally, Larson Financial Group LLC increased its stake in Credo Technology Group by 240.0% during the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company's stock valued at $61,000 after purchasing an additional 1,399 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

Credo Technology Group Company Profile

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.