Credo Technology Group (NASDAQ:CRDO) Reaches New 12-Month High on Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price reached a new 52-week high during trading on Friday after Barclays raised their price target on the stock from $80.00 to $90.00. Barclays currently has an overweight rating on the stock. Credo Technology Group traded as high as $80.11 and last traded at $81.27, with a volume of 1483287 shares. The stock had previously closed at $75.60.

Several other research analysts also recently commented on CRDO. Susquehanna began coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price objective for the company. Mizuho upped their price target on Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a research report on Friday, January 10th. The Goldman Sachs Group raised their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research report on Friday, January 10th. TD Cowen upped their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Finally, Needham & Company LLC raised their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a "buy" rating in a report 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. Based on data from MarketBeat, Credo Technology Group presently has an average rating of "Moderate Buy" and an average target price of $76.40.

Insiders Place Their Bets

In other news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the completion of the sale, the chief technology officer now directly owns 8,728,602 shares in the company, valued at approximately $413,473,876.74. The trade was a 0.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Daniel W. Fleming sold 12,504 shares of the business's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total transaction of $606,193.92. Following the completion of the sale, the chief financial officer now directly owns 656,456 shares of the company's stock, valued at $31,824,986.88. This represents a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,188,804 shares of company stock valued at $79,811,292 over the last 90 days. Insiders own 16.04% of the company's stock.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in the company. Allworth Financial LP raised its stake in shares of Credo Technology Group by 917.9% during the third 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. purchased a new stake in Credo Technology Group in the 3rd quarter worth approximately $30,000. Brown Brothers Harriman & Co. grew its position in shares of Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company's stock worth $35,000 after buying an additional 1,001 shares during the last quarter. Larson Financial Group LLC increased its stake in shares of 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 buying an additional 1,399 shares during the period. Finally, GAMMA Investing LLC raised its holdings in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company's stock valued at $65,000 after acquiring an additional 351 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company's stock.

Credo Technology Group Price Performance

The business has a 50 day moving average of $62.23 and a 200 day moving average of $42.66. The company has a market cap of $13.37 billion, a PE ratio of -533.97 and a beta of 2.11.

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.

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