Credo Technology Group (NASDAQ:CRDO) Shares Gap Up After Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO)’s stock price gapped up before the market opened on Friday after The Goldman Sachs Group raised their price target on the stock from $26.00 to $31.00. The stock had previously closed at $26.65, but opened at $27.50. The Goldman Sachs Group currently has a buy rating on the stock. Credo Technology Group shares last traded at $25.98, with a volume of 585,053 shares.

Several other research analysts have also weighed in on the company. Bank of America boosted their price target on Credo Technology Group from $25.00 to $27.00 and gave the stock an “underperform” rating in a research report on Thursday. Stifel Nicolaus lifted their target price on Credo Technology Group from $36.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday. Barclays lifted their target price on Credo Technology Group from $30.00 to $32.00 and gave the stock an “overweight” rating in a research note on Thursday. Roth Mkm lifted their target price on Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Craig Hallum lifted their target price on Credo Technology Group from $30.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday. One investment analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.00.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $28.21, for a total value of $282,100.00. Following the completion of the sale, the chief operating officer now directly owns 3,130,945 shares in the company, valued at approximately $88,323,958.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $28.21, for a total value of $282,100.00. Following the completion of the sale, the chief operating officer now directly owns 3,130,945 shares in the company, valued at approximately $88,323,958.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $28.99, for a total value of $1,594,450.00. Following the completion of the transaction, the chief technology officer now directly owns 9,553,602 shares of the company’s stock, valued at $276,958,921.98. The disclosure for this sale can be found here. Insiders sold 892,310 shares of company stock worth $27,376,087 in the last ninety days. 23.89% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. AMF Tjanstepension AB raised its holdings in Credo Technology Group by 31.8% in the 1st quarter. AMF Tjanstepension AB now owns 1,713,149 shares of the company’s stock valued at $36,302,000 after acquiring an additional 413,149 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Credo Technology Group by 13.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock worth $18,658,000 after buying an additional 111,957 shares in the last quarter. Thornburg Investment Management Inc. raised its holdings in shares of Credo Technology Group by 37.1% during the 1st quarter. Thornburg Investment Management Inc. now owns 237,327 shares of the company’s stock worth $5,029,000 after buying an additional 64,177 shares in the last quarter. Capstone Investment Advisors LLC acquired a new position in shares of Credo Technology Group during the 1st quarter worth $2,732,000. Finally, Swiss National Bank raised its holdings in shares of Credo Technology Group by 14.7% during the 1st 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 in the last quarter. 80.46% of the stock is owned by institutional investors and hedge funds.

Credo Technology Group Stock Performance

The company has a market cap of $4.03 billion, a price-to-earnings ratio of -135.44 and a beta of 2.26. The business has a fifty day moving average price of $30.53 and a 200 day moving average price of $24.86.

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.