Weekly Analysts’ Ratings Updates for Credo Technology Group (CRDO)

Credo Technology Group (NASDAQ: CRDO) recently received a number of ratings updates from brokerages and research firms:

• 12/17/2024 – Credo Technology Group is now covered by analysts at Susquehanna. They set a “neutral” rating and a $80.00 price target on the stock.
• 12/4/2024 – Credo Technology Group had its price target raised by analysts at The Goldman Sachs Group, Inc. from $31.00 to $65.00. They now have a “buy” rating on the stock.
• 12/3/2024 – Credo Technology Group had its price target raised by analysts at Barclays PLC from $32.00 to $80.00. They now have an “overweight” rating on the stock.
• 12/3/2024 – Credo Technology Group had its price target raised by analysts at Craig Hallum from $38.00 to $75.00. They now have a “buy” rating on the stock.
• 12/3/2024 – Credo Technology Group had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $75.00 price target on the stock, up previously from $50.00.
• 12/3/2024 – Credo Technology Group had its price target raised by analysts at TD Cowen from $45.00 to $75.00. They now have a “buy” rating on the stock.
• 12/3/2024 – Credo Technology Group had its price target raised by analysts at Needham & Company LLC from $43.00 to $70.00. They now have a “buy” rating on the stock.
• 12/3/2024 – Credo Technology Group was upgraded by analysts at Bank of America Co. from an “underperform” rating to a “buy” rating. They now have a $80.00 price target on the stock, up previously from $27.00.

Credo Technology Group Price Performance

Shares of CRDO opened at $68.51 on Monday. The stock has a market capitalization of $11.46 billion, a P/E ratio of -456.73 and a beta of 2.26. Credo Technology Group Holding Ltd has a 12-month low of $16.82 and a 12-month high of $78.97. The firm’s 50 day moving average is $50.14 and its 200-day moving average is $37.12.

Insider Buying and Selling

In related news, Director Lip Bu Tan sold 150,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the transaction, the director now directly owns 2,638,725 shares of the company’s stock, valued at approximately $80,481,112.50. The trade was a 5.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider James Laufman sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $31.36, for a total transaction of $627,200.00. Following the completion of the transaction, the insider now owns 302,466 shares in the company, valued at approximately $9,485,333.76. This represents a 6.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,224,910 shares of company stock valued at $48,168,640. 16.04% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

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.