Credo Technology Group (NASDAQ:CRDO) Price Target Lowered to $75.00 at Bank of America

Credo Technology Group (NASDAQ:CRDO) had its target price lowered by Bank of America from $83.00 to $75.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other equities analysts have also commented on the stock. TD Cowen increased their price target on shares of Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Needham & Company LLC reissued a “buy” rating and issued a $80.00 price target on shares of Credo Technology Group in a report on Wednesday. Susquehanna decreased their price target on shares of Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating on the stock in a report on Wednesday. Mizuho increased their price target on shares of Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a report on Friday, January 10th. Finally, Craig Hallum increased their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, December 3rd. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Credo Technology Group presently has a consensus rating of “Moderate Buy” and an average target price of $74.90.

Credo Technology Group Price Performance

Shares of NASDAQ:CRDO opened at $46.73 on Wednesday. The company’s fifty day moving average price is $69.80 and its 200-day moving average price is $52.16. The firm has a market capitalization of $7.82 billion, a price-to-earnings ratio of -311.53 and a beta of 2.09. Credo Technology Group has a one year low of $16.82 and a one year high of $86.69.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $69.93, for a total transaction of $265,034.70. Following the completion of the sale, the chief financial officer now owns 652,666 shares of the company’s stock, valued at $45,640,933.38. This represents a 0.58 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $68.04, for a total transaction of $3,742,200.00. Following the sale, the chief technology officer now directly owns 8,508,602 shares of the company’s stock, valued at $578,925,280.08. The trade was a 0.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,190,496 shares of company stock valued at $82,695,512 in the last quarter. Company insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently added to or reduced their stakes in the company. Rakuten Securities Inc. purchased a new stake in shares of Credo Technology Group in the 3rd quarter worth about $30,000. Brown Brothers Harriman & Co. boosted its stake in shares of Credo Technology Group by 695.1% during the 3rd 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. Kestra Investment Management LLC bought a new stake in shares of Credo Technology Group during the 4th quarter valued at about $38,000. WASHINGTON TRUST Co bought a new stake in shares of Credo Technology Group during the 4th quarter valued at about $43,000. Finally, Principal Securities Inc. boosted its stake in shares of Credo Technology Group by 626.1% during the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after purchasing an additional 576 shares in the last quarter. Hedge funds and other institutional investors 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.