Credo Technology Group (NASDAQ:CRDO) Given New $69.00 Price Target at Stifel Nicolaus

Credo Technology Group (NASDAQ:CRDO) had its target price reduced by investment analysts at Stifel Nicolaus from $85.00 to $69.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Stifel Nicolaus’ price objective indicates a potential upside of 85.49% from the company’s current price.

Other analysts have also issued reports about the company. Barclays lifted their price target on Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Friday, January 17th. The Goldman Sachs Group increased their price target on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Mizuho dropped their price objective on shares of Credo Technology Group from $90.00 to $82.00 and set an “outperform” rating for the company in a report on Thursday, April 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Finally, Bank of America reduced their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, March 5th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $73.50.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $37.20 on Thursday. The stock has a market capitalization of $6.32 billion, a PE ratio of -246.89 and a beta of 2.30. The business has a 50 day simple moving average of $50.13 and a 200-day simple moving average of $54.41. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $86.69.

Insiders Place Their Bets

In related news, Director Pantas Sutardja sold 1,875 shares of the business’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the transaction, the director now owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. The trade was a 0.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Laufman sold 8,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $39.09, for a total value of $312,720.00. Following the sale, the insider now owns 271,725 shares in the company, valued at $10,621,730.25. This represents a 2.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 578,665 shares of company stock valued at $31,561,763 over the last quarter. Company insiders own 16.04% of the company’s stock.

Institutional Trading of Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in CRDO. Wealth Enhancement Advisory Services LLC bought a new position in shares of Credo Technology Group during the first quarter worth about $301,000. Handelsbanken Fonder AB boosted its holdings in shares of Credo Technology Group by 7.3% in the 1st quarter. Handelsbanken Fonder AB now owns 35,400 shares of the company’s stock valued at $1,422,000 after buying an additional 2,400 shares during the period. GAMMA Investing LLC grew its position in shares of Credo Technology Group by 103.5% during the first quarter. GAMMA Investing LLC now owns 1,982 shares of the company’s stock worth $80,000 after acquiring an additional 1,008 shares during the last quarter. Harbor Capital Advisors Inc. acquired a new position in Credo Technology Group during the 1st quarter valued at about $1,759,000. Finally, Kraematon Investment Advisors Inc. acquired a new stake in shares of Credo Technology Group in the first quarter valued at approximately $389,000. 80.46% of the stock is owned by institutional investors and hedge funds.

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.