Credo Technology Group (NASDAQ:CRDO) Stock Price Expected to Rise, Mizuho Analyst Says

Credo Technology Group (NASDAQ:CRDO) had its target price upped by investment analysts at Mizuho from $70.00 to $85.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price target suggests a potential upside of 15.18% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Needham & Company LLC lifted their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. The Goldman Sachs Group raised their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday. TD Cowen increased 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. Roth Mkm boosted their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Finally, Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.40.

Credo Technology Group Trading Up 1.1 %

CRDO stock opened at $73.80 on Friday. The firm has a 50 day simple moving average of $59.91 and a 200-day simple moving average of $41.50. The company has a market capitalization of $12.34 billion, a P/E ratio of -492.00 and a beta of 2.11. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $78.97.

Insider Activity

In related news, Director Lip Bu Tan sold 15,281 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $39.05, for a total transaction of $596,723.05. Following the completion of the sale, the director now directly owns 1,748,444 shares in the company, valued at approximately $68,276,738.20. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the completion of the transaction, the chief technology officer now directly owns 8,728,602 shares in the company, valued at $413,473,876.74. This represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 890,295 shares of company stock worth $57,729,123. 16.04% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Swedbank AB boosted its stake in Credo Technology Group by 873.9% in the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the period. Point72 Asset Management L.P. lifted its stake in Credo Technology Group by 73.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares in the last quarter. FMR LLC boosted its position in 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 acquiring an additional 1,013,789 shares during the period. JPMorgan Chase & Co. grew its stake in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

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.