Credo Technology Group (NASDAQ:CRDO) Stock Price Up 5.6%

Credo Technology Group Holding Ltd (NASDAQ:CRDO) traded up 5.6% during trading on Thursday . The company traded as high as $28.70 and last traded at $28.56. 221,667 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 2,217,802 shares. The stock had previously closed at $27.05.

Analyst Ratings Changes

CRDO has been the topic of several analyst reports. Needham & Company LLC increased their target price on Credo Technology Group from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. Stifel Nicolaus increased their target price on shares of Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, September 3rd. Roth Mkm boosted their price target on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a “buy” rating in a report on Thursday, September 5th. Bank of America upped their price objective on shares of Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a research report on Thursday, September 5th. Finally, Craig Hallum boosted their target price on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $34.00.

Credo Technology Group Price Performance

The company has a market capitalization of $4.82 billion, a price-to-earnings ratio of -162.11 and a beta of 2.26. The firm has a 50-day moving average price of $29.56 and a two-hundred day moving average price of $25.22.

Insider Transactions at Credo Technology Group

In other news, Director Lip Bu Tan sold 45,476 shares of the business’s stock in a transaction on Friday, July 5th. The shares were sold at an average price of $31.76, for a total value of $1,444,317.76. Following the sale, the director now owns 39,736 shares of the company’s stock, valued at $1,262,015.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $30.62, for a total transaction of $306,200.00. Following the completion of the transaction, the chief operating officer now directly owns 3,117,777 shares of the company’s stock, valued at $95,466,331.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lip Bu Tan sold 45,476 shares of the business’s stock in a transaction that occurred on Friday, July 5th. The stock was sold at an average price of $31.76, for a total value of $1,444,317.76. Following the transaction, the director now directly owns 39,736 shares in the company, valued at approximately $1,262,015.36. The disclosure for this sale can be found here. Insiders sold 981,190 shares of company stock valued at $29,521,497 in the last ninety days. 23.89% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Several large investors have recently made changes to their positions in CRDO. AMF Tjanstepension AB raised its position in Credo Technology Group by 31.8% during the first quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock worth $36,302,000 after acquiring an additional 413,149 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Credo Technology Group by 13.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock valued at $18,658,000 after purchasing an additional 111,957 shares during the last quarter. Thornburg Investment Management Inc. lifted its stake in Credo Technology Group by 37.1% in the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock valued at $5,029,000 after purchasing an additional 64,177 shares during the last quarter. Capstone Investment Advisors LLC bought a new position in Credo Technology Group during the first quarter worth about $2,732,000. Finally, Swiss National Bank increased its position in Credo Technology Group by 14.7% during the first quarter. Swiss National Bank now owns 254,416 shares of the company’s stock worth $5,391,000 after buying an additional 32,600 shares during the last quarter. 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 connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.