Susquehanna Has Lowered Expectations for Credo Technology Group (NASDAQ:CRDO) Stock Price

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its price objective reduced by stock analysts at Susquehanna from $80.00 to $60.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Susquehanna's price target would indicate a potential upside of 37.30% from the stock's current price.

A number of other equities research analysts have also weighed in on CRDO. Needham & Company LLC restated a "buy" rating and issued a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday. Barclays raised their price objective 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. The Goldman Sachs Group lifted their price target 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. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Finally, Craig Hallum lifted their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $74.90.

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Credo Technology Group Price Performance

Shares of CRDO traded up $1.63 during midday trading on Wednesday, reaching $43.70. The stock had a trading volume of 8,368,709 shares, compared to its average volume of 3,091,176. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $86.69. The company's fifty day simple moving average is $68.69 and its two-hundred day simple moving average is $52.32. The company has a market cap of $7.31 billion, a price-to-earnings ratio of -291.33 and a beta of 2.16.

Insiders Place Their Bets

In other news, Director Pantas Sutardja sold 21,041 shares of Credo Technology Group stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.19, for a total value of $1,434,785.79. Following the sale, the director now owns 5,904,277 shares of the company's stock, valued at $402,612,648.63. The trade was a 0.36 % 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, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total transaction of $265,034.70. Following the completion of the sale, the chief financial officer now directly owns 652,666 shares in the company, valued at approximately $45,640,933.38. The trade was a 0.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,190,496 shares of company stock valued at $82,695,512. Insiders own 16.04% of the company's stock.

Institutional Trading of Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Rakuten Securities Inc. purchased a new stake in shares of Credo Technology Group in the third quarter valued at about $30,000. Brown Brothers Harriman & Co. boosted its holdings in shares of Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock valued at $35,000 after acquiring an additional 1,001 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at about $38,000. WASHINGTON TRUST Co purchased a new stake in shares of Credo Technology Group in the fourth quarter valued at about $43,000. Finally, Principal Securities Inc. boosted its holdings in shares of Credo Technology Group by 626.1% in the fourth quarter. Principal Securities Inc. now owns 668 shares of the company's stock valued at $45,000 after acquiring an additional 576 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

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.