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

Credo Technology Group (NASDAQ:CRDO) had its price objective raised by analysts at The Goldman Sachs Group from $65.00 to $84.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target points to a potential upside of 13.82% from the company’s previous close.

Several other analysts also recently issued reports on the stock. Mizuho raised their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Craig Hallum raised their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus upped their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. TD Cowen lifted their target price on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Finally, Needham & Company LLC upped their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.40.

Credo Technology Group Stock Up 1.1 %

Shares of NASDAQ:CRDO opened at $73.80 on Friday. Credo Technology Group has a 52 week low of $16.82 and a 52 week high of $78.97. The firm has a fifty day simple moving average of $59.91 and a two-hundred day simple moving average of $41.50. The stock has a market capitalization of $12.34 billion, a P/E ratio of -492.00 and a beta of 2.11.

Insiders Place Their Bets

In related news, CEO William Joseph Brennan sold 143,880 shares of the stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the transaction, the chief executive officer now owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. This represents a 5.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the completion of the sale, the chief technology officer now directly owns 8,838,602 shares in the company, valued at $346,826,742.48. This trade represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 890,295 shares of company stock valued at $57,729,123. 16.04% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the stock. Rhumbline Advisers lifted its holdings in Credo Technology Group by 13.1% in the second quarter. Rhumbline Advisers now owns 181,973 shares of the company’s stock valued at $5,812,000 after acquiring an additional 21,132 shares during the period. Arizona State Retirement System raised its position in shares of Credo Technology Group by 9.7% in the second quarter. Arizona State Retirement System now owns 38,856 shares of the company’s stock worth $1,241,000 after acquiring an additional 3,437 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Credo Technology Group by 13.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock valued at $67,473,000 after acquiring an additional 242,428 shares during the period. Renaissance Technologies LLC increased its stake in shares of Credo Technology Group by 10.0% in the 2nd quarter. Renaissance Technologies LLC now owns 865,938 shares of the company’s stock valued at $27,658,000 after purchasing an additional 78,700 shares in the last quarter. Finally, Edgestream Partners L.P. acquired a new position in Credo Technology Group in the 2nd quarter worth about $869,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.