Credo Technology Group (NASDAQ:CRDO) Upgraded to “Strong-Buy” at TD Cowen

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

Several other analysts have also weighed in on the company. Roth Mkm boosted their price objective on Credo Technology Group from $30.00 to $35.00 and gave the company a buy rating in a report on Thursday, September 5th. The Goldman Sachs Group boosted their price target on Credo Technology Group from $26.00 to $31.00 and gave the company a buy rating in a report on Friday, September 6th. Stifel Nicolaus upped their price target on Credo Technology Group from $36.00 to $40.00 and gave the company a buy rating in a research report on Tuesday, September 3rd. Barclays lifted their price objective on shares of Credo Technology Group from $30.00 to $32.00 and gave the stock an overweight rating in a report on Thursday, September 5th. Finally, Craig Hallum increased their target price on shares of Credo Technology Group from $30.00 to $38.00 and gave the stock a buy rating in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $34.00.

Credo Technology Group Price Performance

Shares of CRDO stock opened at $28.98 on Monday. The firm has a fifty day moving average of $29.60 and a two-hundred day moving average of $25.17. The firm has a market cap of $4.79 billion, a P/E ratio of -161.00 and a beta of 2.26. Credo Technology Group has a 1-year low of $13.38 and a 1-year high of $36.80.

Insider Buying and Selling at Credo Technology Group

In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of Credo Technology Group stock in a transaction on Monday, July 15th. The stock was sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the sale, the director now owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $32.67, for a total value of $8,018,459.46. Following the completion of the sale, the director now directly owns 2,863,725 shares of the company’s stock, valued at approximately $93,557,895.75. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $28.22, for a total transaction of $1,552,100.00. Following the transaction, the chief technology officer now owns 9,058,602 shares in the company, valued at approximately $255,633,748.44. The disclosure for this sale can be found here. Insiders sold 981,190 shares of company stock valued at $29,521,497 in the last ninety days. Company insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Credo Technology Group by 7.7% in the 1st quarter. Vanguard Group Inc. now owns 15,063,781 shares of the company’s stock valued at $319,202,000 after acquiring an additional 1,072,301 shares during the last quarter. Driehaus Capital Management LLC lifted its stake in Credo Technology Group by 3.1% during the second quarter. Driehaus Capital Management LLC now owns 3,791,392 shares of the company’s stock valued at $121,097,000 after purchasing an additional 115,271 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its holdings in Credo Technology Group by 9.1% during the second quarter. D. E. Shaw & Co. Inc. now owns 2,431,433 shares of the company’s stock worth $77,660,000 after buying an additional 203,739 shares in the last quarter. Jennison Associates LLC grew its position in Credo Technology Group by 1.9% in the first quarter. Jennison Associates LLC now owns 2,375,255 shares of the company’s stock worth $50,332,000 after buying an additional 45,396 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Credo Technology Group by 13.0% in the second quarter. Dimensional Fund Advisors LP now owns 2,112,656 shares of the company’s stock valued at $67,473,000 after buying an additional 242,428 shares in the last quarter. Institutional investors own 80.46% of the company’s stock.

Credo Technology Group Company Profile

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.