Credo Technology Group (NASDAQ:CRDO) Given New $75.00 Price Target at Bank of America

Credo Technology Group (NASDAQ:CRDO) had its price objective dropped by equities research analysts at Bank of America from $83.00 to $75.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price target indicates a potential upside of 61.44% from the company’s current price.

Several other research firms also recently weighed in on CRDO. Susquehanna decreased their price target on shares of Credo Technology Group from $80.00 to $60.00 and set a “neutral” rating on the stock in a research note on Wednesday. Barclays increased their price target on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Mizuho boosted their price objective on Credo Technology Group from $70.00 to $85.00 and gave the stock an “outperform” rating in a research note on Friday, January 10th. Needham & Company LLC reiterated a “buy” rating and set a $80.00 price target on shares of Credo Technology Group in a report on Wednesday. Finally, The Goldman Sachs Group upped their price objective on shares of Credo Technology Group from $65.00 to $84.00 and gave the company a “buy” rating in a report on Friday, January 10th. One equities research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.90.

Credo Technology Group Stock Performance

Shares of CRDO traded down $7.86 during trading hours on Wednesday, hitting $46.46. 13,074,555 shares of the stock were exchanged, compared to its average volume of 2,996,607. The stock’s 50-day moving average price is $70.29 and its two-hundred day moving average price is $52.20. Credo Technology Group has a 12-month low of $16.82 and a 12-month high of $86.69. The company has a market cap of $7.77 billion, a price-to-earnings ratio of -307.95 and a beta of 2.09.

Insiders Place Their Bets

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $57.87, for a total transaction of $3,182,850.00. Following the completion of the transaction, the chief technology officer now owns 8,213,602 shares of the company’s stock, valued at approximately $475,321,147.74. This trade represents a 0.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William Joseph Brennan sold 143,880 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $67.65, for a total value of $9,733,482.00. Following the completion of the sale, the chief executive officer now directly owns 2,370,858 shares in the company, valued at approximately $160,388,543.70. The trade was a 5.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,338,175 shares of company stock valued at $92,697,698 over the last 90 days. 16.04% of the stock is owned by company insiders.

Hedge Funds Weigh In On Credo Technology Group

A number of hedge funds and other institutional investors have recently bought and sold shares of CRDO. Rakuten Securities Inc. purchased a new stake in Credo Technology Group during the third quarter worth about $30,000. Brown Brothers Harriman & Co. grew its holdings in shares of Credo Technology Group by 695.1% in the third quarter. Brown Brothers Harriman & Co. now owns 1,145 shares of the company’s stock valued at $35,000 after purchasing an additional 1,001 shares in the last quarter. Kestra Investment Management LLC purchased a new stake in Credo Technology Group during the 4th quarter worth approximately $38,000. WASHINGTON TRUST Co acquired a new stake in Credo Technology Group during the 4th quarter worth approximately $43,000. Finally, Principal Securities Inc. boosted its position in Credo Technology Group by 626.1% in the 4th quarter. Principal Securities Inc. now owns 668 shares of the company’s stock valued at $45,000 after buying an additional 576 shares during the period. 80.46% of the stock is currently owned by hedge funds and other 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.