Credo Technology Group (NASDAQ:CRDO) Given New $82.00 Price Target at Mizuho

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its price target decreased by equities researchers at Mizuho from $90.00 to $82.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Mizuho's price objective points to a potential upside of 146.25% from the stock's previous close.

A number of other equities analysts have also commented on the company. Susquehanna raised Credo Technology Group from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. 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 report on Wednesday, March 5th. Barclays increased their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an "overweight" rating in a research report on Friday, January 17th. Stifel Nicolaus boosted their target price on Credo Technology Group from $75.00 to $80.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group raised their price target on Credo Technology Group from $65.00 to $84.00 and gave the company a "buy" rating in a report on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $74.60.

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Credo Technology Group Trading Down 10.3 %

Shares of Credo Technology Group stock traded down $3.84 during mid-day trading on Thursday, reaching $33.30. 8,422,367 shares of the stock were exchanged, compared to its average volume of 3,414,378. The company has a market cap of $5.65 billion, a price-to-earnings ratio of -222.00 and a beta of 2.30. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The firm has a 50-day simple moving average of $56.25 and a 200 day simple moving average of $54.13.

Insiders Place Their Bets

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $72.61, for a total value of $275,191.90. Following the transaction, the chief financial officer now owns 638,564 shares of the company's stock, valued at approximately $46,366,132.04. The trade was a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the company's stock in a transaction on Wednesday, April 2nd. The stock was sold at an average price of $43.08, for a total transaction of $430,800.00. Following the completion of the transaction, the chief operating officer now directly owns 2,792,447 shares of the company's stock, valued at approximately $120,298,616.76. The trade was a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 980,665 shares of company stock worth $65,566,692. Company insiders own 16.04% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Kestra Investment Management LLC acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at approximately $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group in the 4th quarter valued at $43,000. Principal Securities Inc. lifted its position in Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company's stock worth $45,000 after buying an additional 576 shares in the last quarter. Quarry LP acquired a new position in shares of Credo Technology Group during the 4th quarter worth about $58,000. Finally, Plato Investment Management Ltd acquired a new stake in shares of Credo Technology Group in the fourth quarter valued at about $61,000. 80.46% of the stock is currently owned by institutional investors.

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.