The Goldman Sachs Group Forecasts Strong Price Appreciation for Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group (NASDAQ:CRDO - Get Free Report) had its target price boosted by analysts at The Goldman Sachs Group from $65.00 to $84.00 in a research report issued on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. The Goldman Sachs Group's price target would indicate a potential upside of 13.82% from the stock's current price.

A number of other equities analysts have also recently issued reports on the stock. TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, December 3rd. Susquehanna initiated coverage on Credo Technology Group in a report on Tuesday, December 17th. They issued a "neutral" rating and a $80.00 price target on the stock. Roth Mkm upped their price objective on Credo Technology Group from $35.00 to $45.00 and gave the stock a "buy" rating in a research note on Tuesday, October 22nd. Bank of America upgraded Credo Technology Group from an "underperform" rating to a "buy" rating and raised their target price for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Finally, Craig Hallum upped their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a "buy" rating in a research 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 company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $75.40.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO traded up $0.78 during trading on Friday, reaching $73.80. The stock had a trading volume of 3,839,734 shares, compared to its average volume of 4,100,167. The stock has a market cap of $12.34 billion, a PE ratio of -492.00 and a beta of 2.11. Credo Technology Group has a one year low of $16.82 and a one year high of $78.97. The firm's 50 day moving average price is $59.24 and its two-hundred day moving average price is $41.18.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the business's stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $39.24, for a total value of $2,158,200.00. Following the sale, the chief technology officer now directly owns 8,838,602 shares in the company, valued at approximately $346,826,742.48. The trade was a 0.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the firm's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the transaction, the director now owns 1,113,725 shares of the company's stock, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 890,295 shares of company stock valued at $57,729,123. Company insiders own 16.04% of the company's stock.

Institutional Trading of Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRDO. Point72 Hong Kong Ltd acquired a new position in Credo Technology Group in the third quarter worth approximately $3,948,000. Wellington Management Group LLP boosted its stake in shares of Credo Technology Group by 32.7% during the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 acquiring an additional 95,335 shares during the last quarter. Centiva Capital LP acquired a new stake in shares of Credo Technology Group during the third quarter worth $553,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Credo Technology Group by 94.1% during the third 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 purchasing an additional 118,169 shares during the last quarter. 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.