Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $80.00 at Stifel Nicolaus

Credo Technology Group (NASDAQ:CRDO) had its target price boosted by Stifel Nicolaus from $75.00 to $80.00 in a research report report published on Monday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

A number of other research analysts have also issued reports on the company. Roth Mkm lifted their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research note on Tuesday, October 22nd. Mizuho lifted their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. 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 research report on Tuesday, December 3rd. Craig Hallum raised their price target on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Finally, TD Cowen boosted their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and an average price target of $69.10.

Credo Technology Group Trading Up 5.9 %

NASDAQ CRDO opened at $76.64 on Monday. The stock has a market capitalization of $12.82 billion, a price-to-earnings ratio of -510.93 and a beta of 2.11. The stock has a 50-day moving average of $57.21 and a 200 day moving average of $40.39. Credo Technology Group has a twelve month low of $16.82 and a twelve month high of $78.97.

Insiders Place Their Bets

In other news, Director Lip Bu Tan sold 125,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $35.18, for a total transaction of $4,397,500.00. Following the completion of the sale, the director now owns 1,988,725 shares in the company, valued at $69,963,345.50. This trade represents a 5.91 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The shares were sold at an average price of $38.41, for a total value of $384,100.00. Following the completion of the transaction, the chief operating officer now owns 2,872,672 shares in the company, valued at $110,339,331.52. This represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 970,295 shares of company stock valued at $52,700,373 in the last three months. 16.04% of the stock is currently owned by insiders.

Institutional Trading of Credo Technology Group

Several institutional investors and hedge funds have recently bought and sold shares of CRDO. Everence Capital Management Inc. acquired a new stake in shares of Credo Technology Group during the fourth quarter valued at about $252,000. GAMMA Investing LLC increased its holdings in Credo Technology Group by 56.3% in the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after purchasing an additional 351 shares during the last quarter. JPMorgan Chase & Co. raised its position in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares during the period. Principal Financial Group Inc. lifted its stake in Credo Technology Group by 22.7% during the third quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares in the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Credo Technology Group by 17.9% during the third quarter. Franklin Resources Inc. now owns 73,037 shares of the company’s stock worth $2,250,000 after buying an additional 11,065 shares during the period. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.