Credo Technology Group (NASDAQ:CRDO – Get Free Report) had its price objective upped by investment analysts at Mizuho from $70.00 to $85.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Mizuho’s price target indicates a potential upside of 16.25% from the company’s previous close.
Several other equities analysts have also weighed in on the company. Roth Mkm increased their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. Craig Hallum upped 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. Susquehanna began coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price objective for the company. Needham & Company LLC boosted their target price on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the stock from $27.00 to $80.00 in a report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $75.40.
Get Our Latest Research Report on CRDO
Credo Technology Group Stock Performance
Insider Buying and Selling
In related news, Director Lip Bu Tan sold 15,281 shares of the company’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $39.05, for a total value of $596,723.05. Following the completion of the transaction, the director now directly owns 1,748,444 shares in the company, valued at approximately $68,276,738.20. The trade was a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel W. Fleming sold 3,790 shares of the company’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total value of $265,034.70. Following the completion of the transaction, the chief financial officer now owns 652,666 shares of the company’s stock, valued at $45,640,933.38. The trade was a 0.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 830,295 shares of company stock worth $53,403,723. Insiders own 16.04% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently modified their holdings of CRDO. JPMorgan Chase & Co. grew its position in Credo Technology Group by 7.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. grew its holdings 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 worth $120,627,000 after purchasing an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC increased its stake in shares of Credo Technology Group by 3.1% in the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after buying an additional 115,271 shares during the period. Swedbank AB raised its holdings in Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock valued at $101,650,000 after buying an additional 2,961,454 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Credo Technology Group by 5.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after acquiring an additional 170,412 shares during the last quarter. Hedge funds and other institutional investors 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.
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