Barclays Raises Credo Technology Group (NASDAQ:CRDO) Price Target to $90.00

Credo Technology Group (NASDAQ:CRDO) had its target price upped by stock analysts at Barclays from $80.00 to $90.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price indicates a potential upside of 12.47% from the company’s current price.

A number of other equities research analysts also recently commented on the stock. Needham & Company LLC lifted 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. Stifel Nicolaus lifted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and boosted their target price for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. The Goldman Sachs Group raised their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. Finally, Mizuho boosted their price objective on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $76.40.

Credo Technology Group Stock Up 5.8 %

NASDAQ CRDO opened at $80.02 on Friday. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $82.00. The business has a fifty day moving average of $62.88 and a 200-day moving average of $43.08. The stock has a market cap of $13.38 billion, a price-to-earnings ratio of -533.47 and a beta of 2.11.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the sale, the chief operating officer now directly owns 400,000 shares of the company’s stock, valued at $27,212,000. This represents a 20.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the transaction, the chief technology officer now directly owns 8,838,602 shares of the company’s stock, valued at approximately $346,826,742.48. This represents a 0.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,188,804 shares of company stock valued at $79,811,292 in the last quarter. Company insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in CRDO. Allworth Financial LP grew its holdings in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after purchasing an additional 771 shares during the last quarter. Rakuten Securities Inc. bought a new position in Credo Technology Group during the 3rd quarter worth $30,000. Brown Brothers Harriman & Co. increased its position in Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock worth $35,000 after buying an additional 1,001 shares during the period. Larson Financial Group LLC lifted its stake in Credo Technology Group by 240.0% in the third quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after buying an additional 1,399 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after acquiring an additional 351 shares during the period. Institutional investors own 80.46% of the company’s stock.

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.