Credo Technology Group (NASDAQ:CRDO) Sets New 52-Week High – Should You Buy?

Credo Technology Group Holding Ltd (NASDAQ:CRDO) shares hit a new 52-week high on Monday . The company traded as high as $79.00 and last traded at $79.00, with a volume of 71734 shares traded. The stock had previously closed at $75.95.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on CRDO shares. Barclays raised their price objective on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 3rd. TD Cowen raised their target price on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Bank of America upgraded shares of Credo Technology Group from an “underperform” rating to a “buy” rating and raised their target price for the stock from $27.00 to $80.00 in a research report on Tuesday, December 3rd. The Goldman Sachs Group lifted their price target on shares of Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, Mizuho lifted their price target on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday, October 14th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $67.33.

Credo Technology Group Stock Performance

The company’s fifty day moving average price is $46.69 and its 200 day moving average price is $35.57. The firm has a market capitalization of $13.01 billion, a price-to-earnings ratio of -506.33 and a beta of 2.26.

Insider Buying and Selling at Credo Technology Group

In other news, Director Lip Bu Tan sold 3,799 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $70.73, for a total value of $268,703.27. Following the completion of the sale, the director now directly owns 1,709,926 shares of the company’s stock, valued at approximately $120,943,065.98. This represents a 0.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the completion of the sale, the chief executive officer now owns 2,370,858 shares in the company, valued at $160,388,543.70. The trade was a 5.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,276,120 shares of company stock valued at $49,535,455 in the last ninety days. Company insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

A number of large investors have recently made changes to their positions in CRDO. Allworth Financial LP raised its holdings in shares of Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock valued at $26,000 after acquiring an additional 771 shares during the period. Arcadia Investment Management Corp MI purchased a new position in Credo Technology Group during the second quarter valued at approximately $29,000. Rakuten Securities Inc. purchased a new position in Credo Technology Group during the third quarter valued at approximately $30,000. Fifth Third Bancorp grew its position in Credo Technology Group by 59.3% during the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares in the last quarter. Finally, Brown Brothers Harriman & Co. grew its position in Credo Technology Group by 695.1% during the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares in the last quarter. 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 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.