Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) shares gapped up before the market opened on Tuesday . The stock had previously closed at $55.60, but opened at $59.55. Credo Technology Group shares last traded at $58.02, with a volume of 2,138,827 shares.
Analyst Upgrades and Downgrades
A number of research analysts recently weighed in on CRDO shares. Stifel Nicolaus raised their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, January 6th. The Goldman Sachs Group boosted their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Bank of America raised Credo Technology Group from an "underperform" rating to a "buy" rating and upped their target price for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Barclays lifted their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a report on Friday, January 17th. Finally, Mizuho upped their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an "outperform" rating in a research note on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $76.40.
Check Out Our Latest Analysis on CRDO
Credo Technology Group Price Performance
The stock has a market cap of $9.73 billion, a PE ratio of -387.67 and a beta of 2.11. The firm's 50 day moving average price is $67.29 and its two-hundred day moving average price is $45.32.
Insider Buying and Selling at Credo Technology Group
In other news, CFO Daniel W. Fleming sold 12,504 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the transaction, the chief financial officer now owns 656,456 shares of the company's stock, valued at approximately $31,824,986.88. This represents a 1.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $47.37, for a total transaction 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 $413,473,876.74. This represents a 0.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,203,804 shares of company stock valued at $83,293,192 in the last three months. Company insiders own 16.04% of the company's stock.
Hedge Funds Weigh In On Credo Technology Group
Several hedge funds and other institutional investors have recently modified their holdings of the company. Nisa Investment Advisors LLC grew its holdings in shares of Credo Technology Group by 8.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company's stock valued at $225,000 after purchasing an additional 255 shares in the last quarter. Assetmark Inc. grew its stake in shares of Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company's stock worth $153,000 after buying an additional 257 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company's stock worth $65,000 after buying an additional 351 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Credo Technology Group by 11.3% during the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company's stock valued at $145,000 after buying an additional 478 shares in the last quarter. Finally, US Bancorp DE raised its position in shares of Credo Technology Group by 4.2% during the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company's stock valued at $499,000 after buying an additional 649 shares in the last quarter. 80.46% of the stock is owned by institutional investors.
About Credo Technology Group
(
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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