Credo Technology Group (NASDAQ:CRDO) Price Target Increased to $27.00 by Analysts at Bank of America

Credo Technology Group (NASDAQ:CRDO) had its price target boosted by Bank of America from $25.00 to $27.00 in a research report released on Thursday, Benzinga reports. Bank of America currently has an underperform rating on the stock.

Several other analysts have also weighed in on the company. Needham & Company LLC boosted their price objective on Credo Technology Group from $29.00 to $33.00 and gave the company a buy rating in a report on Thursday. Craig Hallum boosted their price objective on Credo Technology Group from $30.00 to $38.00 and gave the stock a buy rating in a research report on Thursday. Roth Mkm upped their price target on shares of Credo Technology Group from $30.00 to $35.00 and gave the company a buy rating in a report on Thursday. Barclays boosted their target price on Credo Technology Group from $30.00 to $32.00 and gave the stock an overweight rating in a research report on Thursday. Finally, Stifel Nicolaus boosted their price objective on Credo Technology Group from $36.00 to $40.00 and gave the stock a buy rating in a report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $34.00.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $24.38 on Thursday. The firm has a market cap of $4.03 billion, a price-to-earnings ratio of -135.44 and a beta of 2.26. Credo Technology Group has a 1 year low of $13.38 and a 1 year high of $36.80. The stock’s 50-day simple moving average is $30.38 and its 200-day simple moving average is $24.92.

Insider Activity at Credo Technology Group

In related news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $28.21, for a total transaction of $282,100.00. Following the transaction, the chief operating officer now directly owns 3,130,945 shares of the company’s stock, valued at $88,323,958.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of Credo Technology Group stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46. Following the completion of 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of Credo Technology Group stock in a transaction that occurred on 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 of the company’s stock, valued at $88,323,958.45. The disclosure for this sale can be found here. Over the last three months, insiders have sold 892,310 shares of company stock valued at $27,376,087. Corporate insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of institutional investors and hedge funds have recently modified their holdings of the company. Fifth Third Bancorp lifted its stake in shares of Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after buying an additional 400 shares during the last quarter. CWM LLC boosted its holdings in Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the period. Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group in the 2nd quarter valued at approximately $29,000. Advisors Asset Management Inc. raised its holdings in Credo Technology Group by 47.6% in the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock valued at $81,000 after acquiring an additional 1,229 shares in the last quarter. Finally, Assetmark Inc. raised its holdings in Credo Technology Group by 30.1% in the 4th quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after acquiring an additional 1,263 shares in the last quarter. 80.46% of the stock is currently owned by institutional investors and hedge funds.

Credo Technology Group Company Profile

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.