The Goldman Sachs Group Issues Positive Forecast for Credo Technology Group (NASDAQ:CRDO) Stock Price

Credo Technology Group (NASDAQ:CRDO) had its target price raised by equities research analysts at The Goldman Sachs Group from $65.00 to $84.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 15.64% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Barclays lifted their target price on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Stifel Nicolaus upped their price objective on shares of Credo Technology Group from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday. Mizuho raised their target price on shares of Credo Technology Group from $35.00 to $41.00 and gave the company an “outperform” rating in a research report on Monday, October 14th. Susquehanna began coverage on shares of Credo Technology Group in a report on Tuesday, December 17th. They set a “neutral” rating and a $80.00 price target for the company. Finally, Needham & Company LLC boosted their price objective on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Credo Technology Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.00.

Credo Technology Group Stock Down 0.5 %

Shares of CRDO stock traded down $0.38 during trading hours on Friday, reaching $72.64. The company’s stock had a trading volume of 1,641,822 shares, compared to its average volume of 3,717,879. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $78.97. The firm’s 50 day simple moving average is $59.24 and its 200-day simple moving average is $41.18. The company has a market capitalization of $12.15 billion, a price-to-earnings ratio of -484.27 and a beta of 2.11.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 15,281 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $39.05, for a total transaction of $596,723.05. Following the sale, the director now owns 1,748,444 shares in the company, valued at $68,276,738.20. This represents a 0.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Chi Fung Cheng sold 60,000 shares of Credo Technology Group stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $69.22, for a total value of $4,153,200.00. Following the completion of the sale, the chief technology officer now owns 8,448,602 shares of the company’s stock, valued at approximately $584,812,230.44. The trade was a 0.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 830,295 shares of company stock valued at $53,403,723 over the last ninety days. 16.04% of the stock is owned by company insiders.

Institutional Investors Weigh In On Credo Technology Group

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Point72 Hong Kong Ltd acquired a new stake in shares of Credo Technology Group in the 3rd quarter valued at about $3,948,000. Wellington Management Group LLP raised its position in shares of Credo Technology Group by 32.7% during the third quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock worth $88,188,000 after purchasing an additional 705,512 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Credo Technology Group by 9.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock worth $35,006,000 after purchasing an additional 95,335 shares in the last quarter. Centiva Capital LP bought a new stake in Credo Technology Group during the 3rd quarter valued at $553,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Credo Technology Group by 94.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after buying an additional 118,169 shares during the last quarter. 80.46% of the stock is owned by institutional investors.

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.