Credo Technology Group (NASDAQ:CRDO) Price Target Increased to $31.00 by Analysts at The Goldman Sachs Group

Credo Technology Group (NASDAQ:CRDO) had its price objective lifted by The Goldman Sachs Group from $26.00 to $31.00 in a research note issued to investors on Friday, Benzinga reports. They currently have a buy rating on the stock.

A number of other equities research analysts have also weighed in on CRDO. Stifel Nicolaus boosted their target price on shares of Credo Technology Group from $36.00 to $40.00 and gave the company a buy rating in a research note on Tuesday, September 3rd. Barclays increased their target price on Credo Technology Group from $30.00 to $32.00 and gave the company an overweight rating in a report on Thursday, September 5th. Bank of America raised their target price on Credo Technology Group from $25.00 to $27.00 and gave the stock an underperform rating in a research report on Thursday, September 5th. Needham & Company LLC upped their price target on shares of Credo Technology Group from $29.00 to $33.00 and gave the company a buy rating in a research report on Thursday, September 5th. Finally, TD Cowen raised their price objective on shares of Credo Technology Group from $35.00 to $40.00 and gave the stock a buy rating in a report on Monday, July 15th. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $34.00.

Credo Technology Group Stock Down 0.5 %

Shares of CRDO stock opened at $24.26 on Friday. The company has a 50 day moving average price of $30.38 and a 200-day moving average price of $24.92. Credo Technology Group has a 52 week low of $13.38 and a 52 week high of $36.80. The firm has a market capitalization of $4.03 billion, a PE ratio of -134.78 and a beta of 2.26.

Insider Buying and Selling

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $32.06, for a total transaction of $1,763,300.00. Following the transaction, the chief technology officer now owns 9,113,602 shares of the company’s stock, valued at $292,182,080.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $32.06, for a total value of $1,763,300.00. Following the completion of the sale, the chief technology officer now owns 9,113,602 shares in the company, valued at approximately $292,182,080.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lip Bu Tan sold 45,476 shares of the business’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $31.76, for a total value of $1,444,317.76. Following the completion of the transaction, the director now owns 39,736 shares in the company, valued at $1,262,015.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 882,310 shares of company stock valued at $27,093,987. 23.89% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Credo Technology Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Algert Global LLC purchased a new position in shares of Credo Technology Group in the second quarter worth $622,000. Driehaus Capital Management LLC lifted its stake in Credo Technology Group by 3.1% in the 2nd quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock worth $121,097,000 after purchasing an additional 115,271 shares in the last quarter. Scientech Research LLC bought a new position in shares of Credo Technology Group during the 2nd quarter valued at about $1,297,000. The Manufacturers Life Insurance Company grew its position in shares of Credo Technology Group by 27.2% during the second quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company’s stock valued at $54,225,000 after purchasing an additional 362,634 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Credo Technology Group by 20.5% in the second quarter. Millennium Management LLC now owns 1,470,970 shares of the company’s stock worth $46,983,000 after purchasing an additional 250,027 shares during the last quarter. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.