Credo Technology Group (NASDAQ:CRDO) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

Credo Technology Group (NASDAQ:CRDO) had its price target upped by Stifel Nicolaus from $75.00 to $80.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price target would suggest a potential upside of 4.48% from the company’s previous close.

Other equities analysts have also issued research reports about the company. The Goldman Sachs Group lifted their target price on Credo Technology Group from $31.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. TD Cowen lifted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays increased their target price on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report 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 target on the stock. Finally, Needham & Company LLC increased their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Credo Technology Group presently has an average rating of “Moderate Buy” and an average target price of $69.10.

Credo Technology Group Stock Performance

Credo Technology Group stock traded up $4.18 during mid-day trading on Monday, reaching $76.57. 2,097,530 shares of the company were exchanged, compared to its average volume of 2,615,678. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $78.97. The business has a fifty day moving average of $56.48 and a 200 day moving average of $39.98. The firm has a market cap of $12.81 billion, a P/E ratio of -510.47 and a beta of 2.26.

Insiders Place Their Bets

In related news, Director Lip Bu Tan sold 3,799 shares of the firm’s stock in a transaction on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total transaction of $268,703.27. Following the completion of the transaction, the director now owns 1,709,926 shares of the company’s stock, valued at $120,943,065.98. This trade represents a 0.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $38.41, for a total transaction of $2,112,550.00. Following the transaction, the chief technology officer now owns 8,893,602 shares of the company’s stock, valued at $341,603,252.82. This represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 910,295 shares of company stock valued at $48,547,173. 16.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently made changes to their positions in the company. Swedbank AB raised its stake in shares of Credo Technology Group by 873.9% during the 3rd quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after buying an additional 2,961,454 shares during the period. Point72 Asset Management L.P. raised its position in Credo Technology Group by 73.6% during the third quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after acquiring an additional 1,660,230 shares during the period. FMR LLC lifted its holdings in Credo Technology Group by 731.6% during the third quarter. FMR LLC now owns 1,152,361 shares of the company’s stock valued at $35,493,000 after purchasing an additional 1,013,789 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after purchasing an additional 909,578 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares in the last quarter. 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.