Credo Technology Group (NASDAQ:CRDO – Free Report) had its price objective increased by Barclays from $80.00 to $90.00 in a research report released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.
CRDO has been the subject of several other reports. Stifel Nicolaus upped their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Susquehanna began coverage on shares of Credo Technology Group in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. Needham & Company LLC upped their price target 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. TD Cowen upped their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Finally, Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their price target for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $76.40.
View Our Latest Analysis on CRDO
Credo Technology Group Price Performance
Insider Activity
In other news, CFO Daniel W. Fleming sold 12,504 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $48.48, for a total value of $606,193.92. Following the completion of the sale, the chief financial officer now directly owns 656,456 shares in the company, valued at $31,824,986.88. This trade represents a 1.87 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $47.37, for a total value of $2,605,350.00. Following the transaction, the chief technology officer now owns 8,728,602 shares of the company’s stock, valued at $413,473,876.74. This trade represents a 0.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,133,804 shares of company stock worth $77,653,092 in the last three months. Company insiders own 16.04% of the company’s stock.
Hedge Funds Weigh In On Credo Technology Group
A number of hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. boosted its stake 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 valued at $404,797,000 after purchasing an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock valued at $120,627,000 after purchasing an additional 1,660,230 shares during the last quarter. Driehaus Capital Management LLC boosted 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 valued at $121,097,000 after purchasing an additional 115,271 shares during the last quarter. Swedbank AB boosted its stake 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 purchasing an additional 2,961,454 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Credo Technology Group by 5.7% during the 3rd quarter. Geode Capital Management LLC now owns 3,176,796 shares of the company’s stock worth $97,865,000 after buying an additional 170,412 shares in the last quarter. Institutional investors and hedge funds own 80.46% of the company’s stock.
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.
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