Credo Technology Group (NASDAQ:CRDO) Upgraded to Strong-Buy at Susquehanna

Susquehanna upgraded shares of Credo Technology Group (NASDAQ:CRDO) from a hold rating to a strong-buy rating in a research note released on Monday morning,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Barclays increased their target price on shares of Credo Technology Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Mizuho upped their target price on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Friday, January 10th. Stifel Nicolaus increased their price target on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a report on Monday, January 6th. Bank of America reduced their price objective on shares of Credo Technology Group from $83.00 to $75.00 and set a “buy” rating for the company in a research note on Wednesday, March 5th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $80.00 target price on shares of Credo Technology Group in a research note on Wednesday, March 5th. Nine equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $74.90.

Credo Technology Group Stock Performance

Shares of NASDAQ CRDO opened at $39.45 on Monday. The business has a 50 day simple moving average of $68.09 and a 200 day simple moving average of $52.46. Credo Technology Group has a 52 week low of $16.82 and a 52 week high of $86.69. The stock has a market cap of $6.60 billion, a price-to-earnings ratio of -263.00 and a beta of 2.16.

Insider Activity at Credo Technology Group

In related news, Director Pantas Sutardja sold 1,875 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $66.96, for a total value of $125,550.00. Following the completion of the transaction, the director now directly owns 5,902,402 shares in the company, valued at approximately $395,224,837.92. This represents a 0.03 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Yat Tung Lam sold 100,000 shares of Credo Technology Group stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $61.13, for a total transaction of $6,113,000.00. Following the sale, the chief operating officer now owns 1,000,000 shares in the company, valued at $61,130,000. This represents a 9.09 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,190,496 shares of company stock worth $82,695,512. Company insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently made changes to their positions in CRDO. Swedbank AB raised its position in Credo Technology Group by 873.9% in the third quarter. Swedbank AB now owns 3,300,314 shares of the company’s stock worth $101,650,000 after purchasing an additional 2,961,454 shares in the last quarter. Norges Bank acquired a new position in shares of Credo Technology Group in the 4th quarter worth approximately $117,242,000. Point72 Asset Management L.P. lifted its position in shares of Credo Technology Group by 73.6% during the 3rd quarter. Point72 Asset Management L.P. now owns 3,916,447 shares of the company’s stock worth $120,627,000 after buying an additional 1,660,230 shares during the period. Alliancebernstein L.P. boosted its stake in Credo Technology Group by 299.9% in the 4th quarter. Alliancebernstein L.P. now owns 1,740,982 shares of the company’s stock valued at $117,011,000 after buying an additional 1,305,594 shares in the last quarter. Finally, Polar Capital Holdings Plc grew its position in Credo Technology Group by 382.1% in the fourth quarter. Polar Capital Holdings Plc now owns 1,451,084 shares of the company’s stock valued at $97,527,000 after acquiring an additional 1,150,084 shares during the period. 80.46% of the stock is 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.