Credo Technology Group (NASDAQ:CRDO) Price Target Lowered to $75.00 at Bank of America

Credo Technology Group (NASDAQ:CRDO) had its price target cut by Bank of America from $83.00 to $75.00 in a research report report published on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently weighed in on CRDO. Mizuho boosted their target price on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Barclays boosted their target price on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Stifel Nicolaus boosted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. The Goldman Sachs Group boosted their price objective on Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Finally, Susquehanna lowered their price objective on Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating for the company in a research report on Wednesday. One analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $74.90.

Credo Technology Group Price Performance

NASDAQ:CRDO opened at $43.70 on Wednesday. The business has a 50 day moving average of $68.69 and a 200 day moving average of $52.18. The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of -291.33 and a beta of 2.16. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $86.69.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total value of $6,113,000.00. Following the sale, the chief operating officer now directly owns 1,000,000 shares of the company’s stock, valued at $61,130,000. This represents a 9.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $57.87, for a total value of $3,182,850.00. Following the completion of the sale, the chief technology officer now directly owns 8,213,602 shares in the company, valued at approximately $475,321,147.74. The trade was a 0.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,190,496 shares of company stock worth $82,695,512 over the last quarter. 16.04% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd purchased a new stake in Credo Technology Group in the third quarter worth $3,948,000. Wellington Management Group LLP grew its stake in shares of Credo Technology Group by 32.7% in the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after acquiring an additional 705,512 shares during the last quarter. Centiva Capital LP purchased a new stake in shares of Credo Technology Group in the third quarter worth $553,000. Charles Schwab Investment Management Inc. grew its stake in shares of Credo Technology Group by 9.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after acquiring an additional 95,335 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Credo Technology Group by 94.1% in 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 worth $7,507,000 after acquiring an additional 118,169 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

About Credo Technology Group

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.