Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $40.00 at Stifel Nicolaus

Credo Technology Group (NASDAQ:CRDO) had its target price upped by stock analysts at Stifel Nicolaus from $36.00 to $40.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 14.58% from the stock’s current price.

Several other equities research analysts have also recently issued reports on CRDO. Needham & Company LLC raised their price objective on Credo Technology Group from $26.00 to $29.00 and gave the stock a “buy” rating in a report on Thursday, May 30th. Bank of America reiterated an “underperform” rating and set a $22.00 target price (up previously from $21.00) on shares of Credo Technology Group in a report on Thursday, May 30th. Barclays raised their price target on shares of Credo Technology Group from $23.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, May 30th. Finally, TD Cowen boosted their price objective on shares of Credo Technology Group from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. According to MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $30.88.

Credo Technology Group Stock Down 0.8 %

Shares of NASDAQ:CRDO opened at $34.91 on Tuesday. Credo Technology Group has a 52-week low of $13.38 and a 52-week high of $36.80. The company has a market capitalization of $5.77 billion, a P/E ratio of -193.94 and a beta of 2.23. The stock’s fifty day simple moving average is $30.55 and its 200-day simple moving average is $24.73.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was sold at an average price of $28.21, for a total transaction of $282,100.00. Following the sale, the chief operating officer now owns 3,130,945 shares in the company, valued at $88,323,958.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $32.67, for a total value of $8,018,459.46. Following the sale, the director now directly owns 2,863,725 shares in the company, valued at $93,557,895.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $28.21, for a total transaction of $282,100.00. Following the completion of the sale, the chief operating officer now owns 3,130,945 shares in the company, valued at $88,323,958.45. The disclosure for this sale can be found here. Over the last quarter, insiders sold 886,678 shares of company stock valued at $26,885,494. 23.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP acquired a new stake in Credo Technology Group in the fourth quarter worth about $35,224,000. Vanguard Group Inc. boosted its holdings in shares of Credo Technology Group by 11.3% in the fourth quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after acquiring an additional 1,420,664 shares in the last quarter. TimesSquare Capital Management LLC acquired a new stake in Credo Technology Group in the first quarter worth approximately $22,535,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in Credo Technology Group by 290.9% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock worth $25,096,000 after acquiring an additional 881,344 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new stake in Credo Technology Group during the first quarter valued at approximately $17,847,000. Institutional investors and hedge funds own 80.46% of the company’s stock.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.