Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $80.00

Credo Technology Group (NASDAQ:CRDO - Free Report) had its target price hoisted by Stifel Nicolaus from $75.00 to $80.00 in a research report released on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also issued reports on CRDO. The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $31.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Mizuho boosted their price target on Credo Technology Group from $35.00 to $41.00 and gave the stock an "outperform" rating in a research report on Monday, October 14th. Roth Mkm raised their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a "buy" rating in a research note on Tuesday, October 22nd. Bank of America raised Credo Technology Group from an "underperform" rating to a "buy" rating and upped their target price for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. Finally, Craig Hallum increased their price target on Credo Technology Group from $38.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.10.

Credo Technology Group Price Performance

Credo Technology Group stock traded up $4.25 during midday trading on Monday, reaching $76.64. The stock had a trading volume of 5,722,628 shares, compared to its average volume of 3,892,933. The firm's fifty day simple moving average is $57.21 and its two-hundred day simple moving average is $40.39. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $78.97. The firm has a market cap of $12.82 billion, a price-to-earnings ratio of -510.93 and a beta of 2.26.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total value of $4,153,200.00. Following the completion of the sale, the chief technology officer now directly owns 8,448,602 shares in the company, valued at $584,812,230.44. This trade represents a 0.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Joseph Brennan sold 143,880 shares of the company's stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the transaction, the chief executive officer now owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. The trade was a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 970,295 shares of company stock worth $52,700,373 over the last 90 days. 16.04% of the stock is owned by insiders.

Institutional Trading of Credo Technology Group

A number of institutional investors have recently bought and sold shares of CRDO. JPMorgan Chase & Co. boosted its position in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company's stock worth $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock worth $120,627,000 after buying an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC grew its position in shares of Credo Technology Group by 3.1% during the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company's stock worth $121,097,000 after buying an additional 115,271 shares during the period. Swedbank AB grew its position in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company's stock worth $101,650,000 after buying an additional 2,961,454 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company's stock valued at $97,865,000 after acquiring an additional 170,412 shares during the period. Institutional investors and hedge funds 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.