Mizuho Lowers Credo Technology Group (NASDAQ:CRDO) Price Target to $82.00

Credo Technology Group (NASDAQ:CRDO) had its target price dropped by investment analysts at Mizuho from $90.00 to $82.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s target price points to a potential upside of 146.25% from the company’s previous close.

A number of other equities analysts also recently commented on the stock. Susquehanna upgraded shares of Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Bank of America dropped their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, March 5th. Barclays increased their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price objective on shares of Credo Technology Group in a report on Wednesday, March 5th. Finally, The Goldman Sachs Group increased their target price 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. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Credo Technology Group currently has an average rating of “Buy” and an average target price of $74.60.

Credo Technology Group Trading Down 10.3 %

Shares of NASDAQ:CRDO opened at $33.30 on Thursday. The business has a 50-day moving average price of $56.25 and a 200 day moving average price of $53.95. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of -222.00 and a beta of 2.16. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $86.69.

Insiders Place Their Bets

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, April 2nd. The stock was sold at an average price of $43.08, for a total transaction of $430,800.00. Following the transaction, the chief operating officer now directly owns 2,792,447 shares in the company, valued at $120,298,616.76. This trade represents a 0.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $72.09, for a total value of $4,325,400.00. Following the sale, the chief technology officer now directly owns 8,388,602 shares of the company’s stock, valued at $604,734,318.18. The trade was a 0.71 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 980,665 shares of company stock worth $65,566,692. 16.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CRDO. FMR LLC raised its position in shares of Credo Technology Group by 731.6% during the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock worth $35,493,000 after acquiring an additional 1,013,789 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Credo Technology Group by 19.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,133 shares of the company’s stock worth $774,000 after buying an additional 4,142 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after purchasing an additional 118,169 shares during the last quarter. Captrust Financial Advisors boosted its holdings in shares of Credo Technology Group by 24.6% in the 3rd quarter. Captrust Financial Advisors now owns 98,257 shares of the company’s stock valued at $3,026,000 after buying an additional 19,397 shares during the last quarter. Finally, Centiva Capital LP acquired a new stake in Credo Technology Group in the third quarter valued at $553,000. Institutional investors and hedge funds 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.