Credo Technology Group (NASDAQ:CRDO) Raised to Strong-Buy at Susquehanna

Susquehanna upgraded shares of Credo Technology Group (NASDAQ:CRDO) from a hold rating to a strong-buy rating in a research report released on Monday morning,Zacks.com reports.

CRDO has been the subject of several other research reports. TD Cowen lifted their price objective on shares of Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus lifted 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 note on Monday, January 6th. Craig Hallum upped their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Barclays raised their target price on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $74.90.

Credo Technology Group Stock Performance

Shares of CRDO stock opened at $47.53 on Monday. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The stock has a 50 day simple moving average of $67.22 and a two-hundred day simple moving average of $52.48. The company has a market cap of $7.95 billion, a P/E ratio of -316.87 and a beta of 2.16.

Insider Buying and Selling at Credo Technology Group

In other news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $61.13, for a total value of $6,113,000.00. Following the completion of the sale, the chief operating officer now owns 1,000,000 shares in the company, valued at $61,130,000. This represents a 9.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Pantas Sutardja sold 1,875 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $66.96, for a total transaction of $125,550.00. Following the completion of the sale, the director now owns 5,902,402 shares of the company’s stock, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,190,496 shares of company stock worth $82,695,512. Insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently modified their holdings of the business. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Credo Technology Group during the 4th quarter worth $7,799,000. B. Riley Wealth Advisors Inc. bought a new stake in Credo Technology Group in the fourth quarter worth about $498,000. Mackenzie Financial Corp raised its position in Credo Technology Group by 395.3% in the fourth quarter. Mackenzie Financial Corp now owns 38,144 shares of the company’s stock worth $2,564,000 after acquiring an additional 30,443 shares during the period. Forum Financial Management LP purchased a new position in Credo Technology Group in the fourth quarter valued at about $253,000. Finally, GTS Securities LLC purchased a new stake in shares of Credo Technology Group during the 4th quarter worth approximately $323,000. 80.46% of the stock is owned by institutional investors.

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.