Credo Technology Group (NASDAQ:CRDO) Given New $85.00 Price Target at Mizuho

Credo Technology Group (NASDAQ:CRDO) had its target price hoisted by Mizuho from $70.00 to $85.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research analysts have also recently weighed in on the company. TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Roth Mkm lifted their price objective on shares of Credo Technology Group from $35.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, October 22nd. The Goldman Sachs Group increased their target price on shares of Credo Technology Group from $65.00 to $84.00 and gave the stock a “buy” rating in a research report on Friday. Stifel Nicolaus lifted their price target on shares of Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Finally, Needham & Company LLC raised their price objective on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $75.40.

Credo Technology Group Trading Up 1.1 %

Credo Technology Group stock opened at $73.80 on Friday. The company has a market capitalization of $12.34 billion, a price-to-earnings ratio of -492.00 and a beta of 2.11. Credo Technology Group has a 12 month low of $16.82 and a 12 month high of $78.97. The stock’s 50 day moving average is $59.24 and its 200-day moving average is $41.18.

Insider Activity at Credo Technology Group

In related news, CEO William Joseph Brennan sold 143,880 shares of Credo Technology Group stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the sale, the chief executive officer now directly owns 2,370,858 shares in the company, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lip Bu Tan sold 150,000 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $76.09, for a total value of $11,413,500.00. Following the completion of the sale, the director now directly owns 1,113,725 shares of the company’s stock, valued at approximately $84,743,335.25. The trade was a 11.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 890,295 shares of company stock valued at $57,729,123 over the last ninety days. 16.04% of the stock is owned by corporate insiders.

Institutional Trading of Credo Technology Group

Institutional investors have recently added to or reduced their stakes in the stock. Assetmark Inc. boosted its stake in shares of Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after purchasing an additional 257 shares during the last quarter. GAMMA Investing LLC boosted its stake in Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after acquiring an additional 351 shares in the last quarter. Advisors Asset Management Inc. grew its stake in shares of Credo Technology Group by 11.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after buying an additional 478 shares during the period. US Bancorp DE increased its holdings in shares of Credo Technology Group by 4.2% during the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock valued at $499,000 after acquiring an additional 649 shares in the last quarter. Finally, PDT Partners LLC grew its position in Credo Technology Group by 0.7% in the 3rd quarter. PDT Partners LLC now owns 88,720 shares of the company’s stock valued at $2,733,000 after purchasing an additional 652 shares during the period. 80.46% of the stock is currently owned by institutional investors.

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.