Mizuho Has Lowered Expectations for Credo Technology Group (NASDAQ:CRDO) Stock Price

Credo Technology Group (NASDAQ:CRDO) had its price target dropped by equities research analysts at Mizuho from $90.00 to $82.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s price objective points to a potential upside of 117.94% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Needham & Company LLC reissued a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a research report on Wednesday, March 5th. Susquehanna upgraded Credo Technology Group from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Bank of America lowered their price target on Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a report on Wednesday, March 5th. Stifel Nicolaus lifted their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, The Goldman Sachs Group increased their target price on Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Nine research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $74.60.

Credo Technology Group Price Performance

Shares of Credo Technology Group stock traded down $5.42 during trading on Thursday, hitting $37.63. 1,172,060 shares of the company were exchanged, compared to its average volume of 3,356,829. The firm has a market capitalization of $6.39 billion, a P/E ratio of -251.01 and a beta of 2.16. The firm’s fifty day moving average price is $58.13 and its 200 day moving average price is $54.03. Credo Technology Group has a 1-year low of $16.82 and a 1-year high of $86.69.

Insider Activity

In other news, COO Yat Tung Lam sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $73.26, for a total transaction of $7,326,000.00. Following the sale, the chief operating officer now owns 200,000 shares in the company, valued at $14,652,000. This represents a 33.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Lip Bu Tan sold 150,000 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $76.09, for a total transaction of $11,413,500.00. Following the completion of the transaction, the director now directly owns 1,113,725 shares of the company’s stock, valued at $84,743,335.25. This represents a 11.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 970,665 shares of company stock worth $65,135,892 over the last ninety days. Insiders own 16.04% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the period. Centiva Capital LP acquired a new position in shares of Credo Technology Group during the 3rd quarter worth approximately $553,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Credo Technology Group by 94.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock valued at $7,507,000 after acquiring an additional 118,169 shares during the period. Proficio Capital Partners LLC acquired a new stake in Credo Technology Group during the 4th quarter valued at $700,000. Finally, Pacer Advisors Inc. boosted its position in Credo Technology Group by 30.2% during the fourth quarter. Pacer Advisors Inc. now owns 3,906 shares of the company’s stock worth $263,000 after purchasing an additional 907 shares during the period. 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 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.