Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $80.00 at Stifel Nicolaus

Credo Technology Group (NASDAQ:CRDO) had its target price hoisted by equities researchers at Stifel Nicolaus from $75.00 to $80.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Stifel Nicolaus’ target price points to a potential upside of 6.27% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the company. Mizuho boosted their price objective on Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. Roth Mkm upped their price objective on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a report on Tuesday, October 22nd. The Goldman Sachs Group lifted their target price on Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. 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 note on Tuesday, December 3rd. Finally, Needham & Company LLC lifted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One research 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 an average target price of $69.10.

Credo Technology Group Stock Performance

NASDAQ CRDO opened at $75.28 on Monday. Credo Technology Group has a 52-week low of $16.82 and a 52-week high of $78.97. The stock has a market cap of $12.59 billion, a PE ratio of -501.87 and a beta of 2.11. The firm has a 50-day moving average of $57.88 and a 200-day moving average of $40.73.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Friday, October 11th. The stock was sold at an average price of $38.41, for a total transaction of $2,112,550.00. Following the completion of the sale, the chief technology officer now directly owns 8,893,602 shares in the company, valued at $341,603,252.82. This represents a 0.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the transaction, the chief executive officer now owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. This represents a 5.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 845,295 shares of company stock valued at $48,302,873. Company insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. lifted its stake in shares of Credo Technology Group by 7.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock valued at $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. raised its position in Credo Technology Group by 73.6% in the third 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 shares of Credo Technology Group by 3.1% during the second 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 in the last quarter. Swedbank AB grew its holdings in shares of Credo Technology Group by 873.9% during the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of 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 period. 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.