The Goldman Sachs Group Boosts Credo Technology Group (NASDAQ:CRDO) Price Target to $31.00

Credo Technology Group (NASDAQ:CRDO) had its target price raised by The Goldman Sachs Group from $26.00 to $31.00 in a research report report published on Friday morning, Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

CRDO has been the subject of a number of other reports. Bank of America increased their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an underperform rating in a report on Thursday, September 5th. Needham & Company LLC increased their price objective on Credo Technology Group from $29.00 to $33.00 and gave the stock a buy rating in a report on Thursday, September 5th. Craig Hallum boosted their target price on Credo Technology Group from $30.00 to $38.00 and gave the company a buy rating in a research note on Thursday, September 5th. Roth Mkm raised their price target on Credo Technology Group from $30.00 to $35.00 and gave the stock a buy rating in a research note on Thursday, September 5th. Finally, Barclays boosted their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an overweight rating in a research report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, Credo Technology Group presently has an average rating of Moderate Buy and a consensus price target of $34.00.

Credo Technology Group Stock Down 0.5 %

NASDAQ:CRDO opened at $24.26 on Friday. The firm has a market capitalization of $4.03 billion, a P/E ratio of -134.78 and a beta of 2.26. Credo Technology Group has a 52 week low of $13.38 and a 52 week high of $36.80. The company has a fifty day moving average of $30.38 and a 200 day moving average of $24.92.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $30.62, for a total value of $306,200.00. Following the sale, the chief operating officer now directly owns 3,117,777 shares of the company’s stock, valued at approximately $95,466,331.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $30.62, for a total transaction of $306,200.00. Following the completion of the transaction, the chief operating officer now directly owns 3,117,777 shares in the company, valued at $95,466,331.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $26.85, for a total value of $1,476,750.00. Following the completion of the sale, the chief technology officer now owns 9,278,602 shares in the company, valued at approximately $249,130,463.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 882,310 shares of company stock valued at $27,093,987. 23.89% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Several institutional investors and hedge funds have recently modified their holdings of the stock. Ulland Investment Advisors LLC purchased a new stake in Credo Technology Group during the 1st quarter valued at about $29,000. Arcadia Investment Management Corp MI bought a new position in shares of Credo Technology Group in the second quarter worth approximately $29,000. Fifth Third Bancorp grew its holdings in shares of Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after buying an additional 400 shares during the last quarter. Covestor Ltd increased its position in shares of Credo Technology Group by 19,240.0% during the first quarter. Covestor Ltd now owns 1,934 shares of the company’s stock valued at $41,000 after acquiring an additional 1,924 shares in the last quarter. Finally, CWM LLC raised its holdings in Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares during the last quarter. 80.46% of the stock is currently owned by institutional investors.

About Credo Technology Group

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.