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

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares 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 trading hands. The stock had previously closed at $75.60.

A number of other equities research analysts have also recently commented on CRDO. Needham & Company LLC increased their target price on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Stifel Nicolaus upped their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Craig Hallum lifted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and upped their target price for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group boosted their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a report 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, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $76.40.

Insider Transactions at Credo Technology Group

In other news, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total value of $265,034.70. Following the completion of the sale, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at $45,640,933.38. This represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction on Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the transaction, the chief technology officer now owns 8,838,602 shares in the company, valued at approximately $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 1,188,804 shares of company stock worth $79,811,292 in the last 90 days. 16.04% of the stock is currently owned by insiders.

Institutional Trading of Credo Technology Group

Several institutional investors have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its position in shares of Credo Technology Group by 7.4% during the third quarter. JPMorgan Chase & Co. now owns 13,142,773 shares of the company’s stock worth $404,797,000 after acquiring an additional 909,578 shares during the last quarter. Point72 Asset Management L.P. grew its holdings 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 buying an additional 1,660,230 shares in the last quarter. Driehaus Capital Management LLC increased its stake in Credo Technology Group by 3.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after acquiring an additional 115,271 shares during the last quarter. Swedbank AB boosted its position in shares of 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 acquiring an additional 2,961,454 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings 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 purchasing an additional 170,412 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Up 5.8 %

The stock’s 50 day moving average is $62.23 and its 200-day moving average is $42.66. The company has a market cap of $13.37 billion, a PE ratio of -533.97 and a beta of 2.11.

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.