Mizuho Has Lowered Expectations for Credo Technology Group (NASDAQ:CRDO) Stock Price

Credo Technology Group (NASDAQ:CRDO) had its price target trimmed by Mizuho from $90.00 to $82.00 in a research note released on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

A number of other equities analysts have also weighed in on CRDO. Stifel Nicolaus boosted their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, January 6th. The Goldman Sachs Group boosted their price target on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Susquehanna raised Credo Technology Group from a “hold” rating to a “strong-buy” rating in a research report on Monday, March 10th. Bank of America decreased their target price on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, March 5th. Finally, Barclays raised their price target on shares of Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Credo Technology Group has an average rating of “Buy” and a consensus target price of $74.60.

Credo Technology Group Stock Performance

Shares of Credo Technology Group stock opened at $33.30 on Thursday. The company has a 50-day simple moving average of $56.25 and a two-hundred day simple moving average of $54.13. The stock has a market capitalization of $5.65 billion, a PE ratio of -222.00 and a beta of 2.30. Credo Technology Group has a 52-week low of $16.82 and a 52-week high of $86.69.

Insider Buying and Selling at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of Credo Technology Group stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total transaction of $125,550.00. Following the transaction, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $73.26, for a total value of $7,326,000.00. Following the sale, the chief operating officer now directly owns 200,000 shares of the company’s stock, valued at $14,652,000. This represents a 33.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 980,665 shares of company stock worth $65,566,692 in the last three months. 16.04% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Kestra Investment Management LLC bought a new stake in Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co purchased a new position in shares of Credo Technology Group during the 4th quarter valued at $43,000. Principal Securities Inc. boosted its holdings in Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock worth $45,000 after buying an additional 576 shares during the period. Quarry LP purchased a new stake in Credo Technology Group in the 4th quarter worth $58,000. Finally, Plato Investment Management Ltd bought a new stake in Credo Technology Group during the fourth quarter valued at about $61,000. 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.