The Goldman Sachs Group Forecasts Strong Price Appreciation for Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group (NASDAQ:CRDO) had its target price raised by stock analysts at The Goldman Sachs Group from $65.00 to $84.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 15.64% from the company’s current price.

Other equities analysts also recently issued research reports about the company. Roth Mkm boosted their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the company from $27.00 to $80.00 in a research report on Tuesday, December 3rd. TD Cowen boosted their target price 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 stock a “buy” rating in a report on Monday. Finally, Needham & Company LLC increased their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, Credo Technology Group currently has an average rating of “Moderate Buy” and a consensus target price of $71.00.

Credo Technology Group Stock Performance

CRDO traded down $0.38 during mid-day trading on Friday, reaching $72.64. 1,641,822 shares of the stock were exchanged, compared to its average volume of 3,717,879. The company has a 50 day moving average price of $59.24 and a two-hundred day moving average price of $41.18. The stock has a market capitalization of $12.15 billion, a PE ratio of -484.27 and a beta of 2.11. Credo Technology Group has a 1 year low of $16.82 and a 1 year high of $78.97.

Insider Activity at Credo Technology Group

In related news, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $76.09, for a total value of $11,413,500.00. Following the sale, the director now owns 1,113,725 shares in the company, valued at approximately $84,743,335.25. This trade represents a 11.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Yat Tung Lam sold 100,000 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $68.03, for a total value of $6,803,000.00. Following the transaction, the chief operating officer now owns 400,000 shares of the company’s stock, valued at approximately $27,212,000. The trade was a 20.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 830,295 shares of company stock worth $53,403,723. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Assetmark Inc. lifted its position in Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after buying an additional 257 shares during the last quarter. GAMMA Investing LLC boosted its position in Credo Technology Group by 56.3% during the 4th quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock valued at $65,000 after buying an additional 351 shares during the period. Advisors Asset Management Inc. grew its stake in shares of Credo Technology Group by 11.3% in the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after purchasing an additional 478 shares during the last quarter. US Bancorp DE grew its position in shares of Credo Technology Group by 4.2% in the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after buying an additional 649 shares during the last quarter. Finally, PDT Partners LLC increased its position in Credo Technology Group by 0.7% during the 3rd quarter. PDT Partners LLC now owns 88,720 shares of the company’s stock valued at $2,733,000 after purchasing an additional 652 shares during the period. Hedge funds and other institutional investors 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.