Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $84.00 at The Goldman Sachs Group

Credo Technology Group (NASDAQ:CRDO) had its price target boosted by The Goldman Sachs Group from $65.00 to $84.00 in a research report released on Friday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Other equities research analysts have also issued reports about the company. Bank of America raised Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price objective for the stock from $27.00 to $80.00 in a research note on Tuesday, December 3rd. TD Cowen lifted their price target on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Barclays upped their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, December 3rd. 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 research report on Tuesday, December 3rd. Finally, Mizuho upped their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. One research analyst has rated the stock with a hold rating and nine have issued 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 $75.40.

Credo Technology Group Price Performance

CRDO stock opened at $73.80 on Friday. The firm has a market cap of $12.34 billion, a PE ratio of -492.00 and a beta of 2.11. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $78.97. The firm has a 50 day simple moving average of $59.24 and a 200 day simple moving average of $41.18.

Insider Buying and Selling at Credo Technology Group

In related news, Director Lip Bu Tan sold 15,281 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $39.05, for a total transaction of $596,723.05. Following the completion of the sale, the director now directly owns 1,748,444 shares in the company, valued at approximately $68,276,738.20. This trade represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $68.03, for a total value of $6,803,000.00. Following the completion of the transaction, the chief operating officer now owns 400,000 shares in the company, valued at $27,212,000. This trade represents a 20.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 890,295 shares of company stock valued at $57,729,123 in the last quarter. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CRDO. Assetmark Inc. increased its stake in shares of Credo Technology Group by 5.4% during the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after purchasing an additional 257 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Credo Technology Group by 56.3% in the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after purchasing an additional 351 shares in the last quarter. Advisors Asset Management Inc. increased its position in Credo Technology Group by 11.3% during the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock worth $145,000 after buying an additional 478 shares during the last quarter. US Bancorp DE raised its holdings in Credo Technology Group by 4.2% during the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after buying an additional 649 shares in the last quarter. Finally, PDT Partners LLC lifted its position in shares of Credo Technology Group by 0.7% in the third quarter. PDT Partners LLC now owns 88,720 shares of the company’s stock worth $2,733,000 after buying an additional 652 shares during the last quarter. Institutional investors own 80.46% of the company’s stock.

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.