Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $73.56, but opened at $69.68. Credo Technology Group shares last traded at $73.05, with a volume of 1,259,053 shares changing hands.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on CRDO shares. Stifel Nicolaus upped their price objective on Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Craig Hallum upped their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, December 3rd. Bank of America upgraded shares of Credo Technology Group from an "underperform" rating to a "buy" rating and lifted their price objective for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Needham & Company LLC upped their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a "buy" rating in a research report on Tuesday, December 3rd. Finally, TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Credo Technology Group currently has an average rating of "Moderate Buy" and a consensus price target of $76.40.
Read Our Latest Analysis on CRDO
Credo Technology Group Stock Up 0.3 %
The business's fifty day moving average price is $72.08 and its two-hundred day moving average price is $49.09.
Insiders Place Their Bets
In related news, CEO William Joseph Brennan sold 143,880 shares of the firm's stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the transaction, the chief executive officer now owns 2,370,858 shares of the company's stock, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Pantas Sutardja sold 1,875 shares of the firm's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the transaction, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This trade represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,305,679 shares of company stock valued at $89,862,242 over the last ninety days. 16.04% of the stock is owned by insiders.
Institutional Investors Weigh In On Credo Technology Group
Several large investors have recently modified their holdings of CRDO. Point72 Hong Kong Ltd acquired a new position in Credo Technology Group during the 3rd quarter valued at about $3,948,000. Wellington Management Group LLP grew its holdings in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company's stock worth $88,188,000 after acquiring an additional 705,512 shares during the period. Centiva Capital LP purchased a new position in Credo Technology Group in the third quarter valued at $553,000. Charles Schwab Investment Management Inc. raised its holdings in Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company's stock worth $35,006,000 after purchasing an additional 95,335 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Credo Technology Group by 94.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company's stock valued at $7,507,000 after buying an additional 118,169 shares in the last quarter. Institutional investors own 80.46% of the company's stock.
Credo Technology Group Company Profile
(
Get Free Report)
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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