Needham & Company LLC Reaffirms “Buy” Rating for Credo Technology Group (NASDAQ:CRDO)

Credo Technology Group (NASDAQ:CRDO)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a report released on Wednesday,Benzinga reports. They presently have a $80.00 target price on the stock. Needham & Company LLC’s target price indicates a potential upside of 90.16% from the company’s previous close.

CRDO has been the topic of a number of other research reports. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and lifted their price target for the company from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Mizuho upped their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. The Goldman Sachs Group lifted their price objective on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Craig Hallum increased their target price on Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Stifel Nicolaus raised their target price 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. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $74.90.

Credo Technology Group Trading Down 10.0 %

NASDAQ CRDO opened at $42.07 on Wednesday. The stock has a market capitalization of $7.04 billion, a price-to-earnings ratio of -280.47 and a beta of 2.09. The stock has a 50-day moving average of $69.20 and a 200 day moving average of $52.09. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $86.69.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction that occurred 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 completion of the sale, the chief operating officer now owns 400,000 shares in the company, valued at approximately $27,212,000. This trade represents a 20.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Pantas Sutardja sold 1,875 shares of the firm’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the transaction, the director now owns 5,902,402 shares of the company’s stock, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,190,496 shares of company stock valued at $82,695,512. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of CRDO. Swedbank AB boosted its stake in shares of Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after purchasing an additional 2,961,454 shares during the period. Norges Bank acquired a new position in shares of Credo Technology Group in the fourth quarter worth $117,242,000. Point72 Asset Management L.P. raised its stake in shares of Credo Technology Group by 73.6% in the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after acquiring an additional 1,660,230 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Credo Technology Group by 299.9% in the fourth quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after purchasing an additional 1,305,594 shares during the period. Finally, Polar Capital Holdings Plc grew its stake in Credo Technology Group by 382.1% during the 4th quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock worth $97,527,000 after purchasing an additional 1,150,084 shares in the last quarter. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.