Barclays Forecasts Strong Price Appreciation for Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group (NASDAQ:CRDO) had its price objective raised by Barclays from $80.00 to $90.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s price target suggests a potential upside of 11.36% from the stock’s previous close.

Several other analysts have also recently issued reports on CRDO. Mizuho upped their target price on shares of Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research report on Friday, January 10th. Needham & Company LLC upped their price objective on Credo Technology Group from $43.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. Roth Mkm lifted their target price on Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a report on Tuesday, October 22nd. TD Cowen increased their price target on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. Finally, Bank of America upgraded Credo Technology Group from an “underperform” rating to a “buy” rating and raised their price target for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.40.

Credo Technology Group Trading Up 6.9 %

CRDO traded up $5.22 during trading hours on Friday, hitting $80.82. The company’s stock had a trading volume of 3,836,413 shares, compared to its average volume of 4,017,209. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $82.00. The business’s 50-day moving average price is $62.23 and its 200-day moving average price is $42.66. The stock has a market cap of $13.52 billion, a price-to-earnings ratio of -539.91 and a beta of 2.11.

Insiders Place Their Bets

In related news, Director Pantas Sutardja sold 21,041 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $68.19, for a total value of $1,434,785.79. Following the completion of the sale, the director now owns 5,904,277 shares in the company, valued at approximately $402,612,648.63. The trade was a 0.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $72.69, for a total value of $10,903,500.00. Following the completion of the transaction, the director now directly owns 963,725 shares in the company, valued at approximately $70,053,170.25. This trade represents a 13.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,188,804 shares of company stock worth $79,811,292 over the last quarter. Company insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently made changes to their positions in the company. Finley Financial LLC bought a new stake in shares of Credo Technology Group in the fourth quarter valued at about $173,000. Nisa Investment Advisors LLC increased its position in Credo Technology Group by 8.3% during the 4th quarter. Nisa Investment Advisors LLC now owns 3,341 shares of the company’s stock valued at $225,000 after purchasing an additional 255 shares during the period. Oak Ridge Investments LLC bought a new stake in shares of Credo Technology Group in the 4th quarter valued at about $3,399,000. HB Wealth Management LLC purchased a new stake in shares of Credo Technology Group in the 4th quarter worth approximately $262,000. Finally, Sara Bay Financial bought a new position in shares of Credo Technology Group during the fourth quarter valued at approximately $320,000. 80.46% of the stock is currently owned by hedge funds and other institutional investors.

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.