Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $35.00

Credo Technology Group (NASDAQ:CRDO) had its price objective hoisted by Roth Mkm from $30.00 to $35.00 in a report issued on Thursday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts also recently weighed in on CRDO. Stifel Nicolaus raised their price target on Credo Technology Group from $36.00 to $40.00 and gave the stock a buy rating in a report on Tuesday, September 3rd. Barclays lifted their target price on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an overweight rating in a research note on Thursday. TD Cowen upped their price target on shares of Credo Technology Group from $35.00 to $40.00 and gave the company a buy rating in a research note on Monday, July 15th. Needham & Company LLC raised their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a buy rating in a report on Thursday. Finally, Bank of America reissued an underperform rating and set a $22.00 price objective (up from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. One analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Credo Technology Group has an average rating of Moderate Buy and a consensus target price of $34.00.

Credo Technology Group Trading Down 8.5 %

Shares of CRDO opened at $24.38 on Thursday. The firm has a market cap of $4.03 billion, a PE ratio of -135.44 and a beta of 2.26. Credo Technology Group has a 12 month low of $13.38 and a 12 month high of $36.80. The stock has a fifty day moving average price of $30.38 and a 200-day moving average price of $24.89.

Insider Activity at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of Credo Technology Group stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the completion of the transaction, the director now owns 2,863,725 shares in the company, valued at approximately $93,557,895.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $32.67, for a total value of $8,018,459.46. Following the sale, the director now owns 2,863,725 shares in the company, valued at approximately $93,557,895.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $32.06, for a total transaction of $1,763,300.00. Following the sale, the chief technology officer now directly owns 9,113,602 shares in the company, valued at approximately $292,182,080.12. The disclosure for this sale can be found here. Insiders sold 892,310 shares of company stock worth $27,376,087 over the last three months. Company insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of CRDO. New York State Common Retirement Fund increased its stake in shares of Credo Technology Group by 20.9% in the 4th quarter. New York State Common Retirement Fund now owns 77,611 shares of the company’s stock valued at $1,511,000 after purchasing an additional 13,408 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Credo Technology Group by 49.2% in the fourth quarter. Russell Investments Group Ltd. now owns 337,265 shares of the company’s stock valued at $6,567,000 after buying an additional 111,281 shares in the last quarter. Amalgamated Bank raised its stake in shares of Credo Technology Group by 9.7% during the 4th quarter. Amalgamated Bank now owns 16,449 shares of the company’s stock worth $320,000 after buying an additional 1,454 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Credo Technology Group by 13.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 958,316 shares of the company’s stock valued at $18,658,000 after buying an additional 111,957 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in Credo Technology Group in the 4th quarter valued at $1,377,000. 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 connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.