Credo Technology Group (NASDAQ:CRDO) Raised to Strong-Buy at TD Cowen

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

Several other equities analysts have also recently weighed in on CRDO. The Goldman Sachs Group lifted their price objective on shares of Credo Technology Group from $26.00 to $31.00 and gave the stock a buy rating in a research report on Friday, September 6th. Needham & Company LLC lifted their price target on Credo Technology Group from $29.00 to $33.00 and gave the company a buy rating in a report on Thursday, September 5th. Roth Mkm increased their price objective on Credo Technology Group from $30.00 to $35.00 and gave the stock a buy rating in a research note on Thursday, September 5th. Barclays lifted their target price on Credo Technology Group from $30.00 to $32.00 and gave the company an overweight rating in a research note on Thursday, September 5th. Finally, Craig Hallum increased their price target on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a buy rating in a research report on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $34.00.

Credo Technology Group Price Performance

Shares of CRDO opened at $28.98 on Monday. The company has a 50-day moving average of $29.60 and a two-hundred day moving average of $25.17. The stock has a market cap of $4.79 billion, a price-to-earnings ratio of -161.00 and a beta of 2.26. Credo Technology Group has a one year low of $13.38 and a one year high of $36.80.

Insider Activity

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $30.63, for a total value of $1,684,650.00. Following the transaction, the chief technology officer now owns 9,388,602 shares in the company, valued at $287,572,879.26. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Credo Technology Group news, Director Lip Bu Tan sold 112,441 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $31.99, for a total value of $3,596,987.59. Following the completion of the sale, the director now owns 133,583 shares of the company’s stock, valued at $4,273,320.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $30.63, for a total value of $1,684,650.00. Following the sale, the chief technology officer now owns 9,388,602 shares of the company’s stock, valued at approximately $287,572,879.26. The disclosure for this sale can be found here. Insiders sold a total of 981,190 shares of company stock worth $29,521,497 in the last three months. 23.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Arcadia Investment Management Corp MI bought a new position in shares of Credo Technology Group in the second quarter valued at approximately $29,000. Fifth Third Bancorp raised its holdings in Credo Technology Group by 59.3% in the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares during the period. CWM LLC lifted its position in Credo Technology Group by 78.1% during the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after acquiring an additional 594 shares during the last quarter. Ulland Investment Advisors LLC acquired a new position in Credo Technology Group during the 1st quarter worth $29,000. Finally, Cranbrook Wealth Management LLC bought a new stake in Credo Technology Group during the second quarter valued at about $51,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivCredo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Mexico, 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.