Credo Technology Group (NASDAQ:CRDO) Sets New 12-Month High on Analyst Upgrade

Credo Technology Group Holding Ltd (NASDAQ:CRDO) reached a new 52-week high during trading on Friday after Barclays raised their price target on the stock from $80.00 to $90.00. Barclays currently has an overweight rating on the stock. Credo Technology Group traded as high as $80.11 and last traded at $81.27, with a volume of 1483287 shares traded. The stock had previously closed at $75.60.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus upped 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. Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Craig Hallum upped their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Susquehanna assumed coverage on shares of Credo Technology Group in a research note on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target for the company. Finally, Mizuho increased their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.40.

Insider Activity at Credo Technology Group

In related news, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the sale, the chief executive officer now owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $39.24, for a total value of $2,158,200.00. Following the completion of the transaction, the chief technology officer now owns 8,838,602 shares in the company, valued at $346,826,742.48. This trade represents a 0.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,188,804 shares of company stock valued at $79,811,292 over the last ninety days. 16.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in Credo Technology Group by 7.4% in the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. boosted its position in shares of Credo Technology Group by 73.6% in the 3rd 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 in the last quarter. Driehaus Capital Management LLC grew its stake in Credo Technology Group by 3.1% during the 2nd 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 last quarter. Swedbank AB increased its position 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 in the last quarter. Finally, Geode Capital Management LLC raised its stake in Credo Technology Group by 5.7% in the third quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock valued at $97,865,000 after buying 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 Price Performance

The firm has a market cap of $13.38 billion, a price-to-earnings ratio of -533.47 and a beta of 2.11. The firm has a fifty day simple moving average of $62.88 and a two-hundred day simple moving average of $43.00.

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.