Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO - Get Free Report) were up 1.4% on Wednesday . The stock traded as high as $42.58 and last traded at $42.32. Approximately 741,177 shares traded hands during trading, a decline of 78% from the average daily volume of 3,340,698 shares. The stock had previously closed at $41.72.
Analyst Ratings Changes
Several analysts recently weighed in on CRDO shares. The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a research note on Friday, January 10th. 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 note on Monday, January 6th. Barclays upped their price objective on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Friday, January 17th. Bank of America dropped their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a "buy" rating for the company in a research note on Wednesday, March 5th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $74.90.
Check Out Our Latest Stock Analysis on CRDO
Credo Technology Group Price Performance
The company has a market cap of $6.57 billion, a price-to-earnings ratio of -260.40 and a beta of 2.16. The business's fifty day moving average price is $58.13 and its 200 day moving average price is $54.03.
Insiders Place Their Bets
In related news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $45.23, for a total value of $452,300.00. Following the transaction, the chief operating officer now directly owns 2,802,447 shares of the company's stock, valued at $126,754,677.81. The trade was a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $47.29, for a total value of $2,600,950.00. Following the completion of the sale, the chief technology officer now owns 8,103,602 shares in the company, valued at $383,219,338.58. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 970,665 shares of company stock valued at $65,135,892. 16.04% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Credo Technology Group
Several hedge funds and other institutional investors have recently bought and sold shares of CRDO. Norges Bank bought a new position in shares of Credo Technology Group in the 4th quarter worth about $117,242,000. Point72 Asset Management L.P. increased its holdings in Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company's stock worth $120,627,000 after purchasing an additional 1,660,230 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company's stock valued at $117,011,000 after buying an additional 1,305,594 shares during the period. Polar Capital Holdings Plc boosted its holdings in shares of Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company's stock worth $97,527,000 after buying an additional 1,150,084 shares in the last quarter. Finally, FMR LLC grew its position in shares of Credo Technology Group by 731.6% during the 3rd quarter. FMR LLC now owns 1,152,361 shares of the company's stock worth $35,493,000 after buying an additional 1,013,789 shares during the period. Institutional investors and hedge funds own 80.46% of the company's stock.
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.
Further Reading
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