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

Credo Technology Group (NASDAQ:CRDO) had its price target lifted by Stifel Nicolaus from $75.00 to $80.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Stifel Nicolaus’ target price would indicate a potential upside of 6.27% from the company’s previous close.

A number of other brokerages also recently weighed in on CRDO. Roth Mkm increased their price target on shares of Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Needham & Company LLC lifted their price target on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Craig Hallum upped their price objective on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, December 3rd. The Goldman Sachs Group lifted their target price on Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Barclays increased their price target on Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. One investment 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, Credo Technology Group presently has an average rating of “Moderate Buy” and an average price target of $69.10.

Credo Technology Group Stock Down 1.8 %

Shares of Credo Technology Group stock opened at $75.28 on Monday. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $78.97. The business has a fifty day simple moving average of $57.88 and a 200 day simple moving average of $40.73. The stock has a market cap of $12.59 billion, a PE ratio of -501.87 and a beta of 2.11.

Insider Buying and Selling

In other Credo Technology Group news, Director Lip Bu Tan sold 15,281 shares of Credo Technology Group stock in a transaction on Monday, October 14th. The shares were sold at an average price of $39.05, for a total value of $596,723.05. Following the sale, the director now directly owns 1,748,444 shares in the company, valued at approximately $68,276,738.20. The trade was a 0.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $38.41, for a total transaction of $384,100.00. Following the transaction, the chief operating officer now owns 2,872,672 shares of the company’s stock, valued at approximately $110,339,331.52. This represents a 0.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 845,295 shares of company stock worth $48,302,873. 16.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Allworth Financial LP grew its stake in shares of Credo Technology Group by 917.9% in the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after buying an additional 771 shares in the last quarter. Rakuten Securities Inc. acquired a new stake in Credo Technology Group in the third quarter valued at $30,000. Brown Brothers Harriman & Co. grew its position in shares of Credo Technology Group by 695.1% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after acquiring an additional 1,001 shares during the period. Cranbrook Wealth Management LLC acquired a new position in shares of Credo Technology Group during the 2nd quarter worth about $51,000. Finally, Larson Financial Group LLC raised its holdings in shares of Credo Technology Group by 240.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,982 shares of the company’s stock valued at $61,000 after purchasing an additional 1,399 shares during the period. Institutional investors and hedge funds own 80.46% of the company’s stock.

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.