Needham & Company LLC Reiterates Buy Rating for Credo Technology Group (NASDAQ:CRDO)

Needham & Company LLC reissued their buy rating on shares of Credo Technology Group (NASDAQ:CRDO) in a report published on Wednesday morning,Benzinga reports. Needham & Company LLC currently has a $80.00 price objective on the stock.

Other research analysts have also recently issued research reports about the company. Susquehanna initiated coverage on Credo Technology Group in a research report on Tuesday, December 17th. They issued a “neutral” rating and a $80.00 price target for the company. Barclays increased their price objective on Credo Technology Group from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. TD Cowen increased their price objective on Credo Technology Group from $45.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, December 3rd. Mizuho increased their price objective on Credo Technology Group from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Friday, January 10th. Finally, Stifel Nicolaus increased their price objective on Credo Technology Group from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, January 6th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Credo Technology Group has a consensus rating of “Moderate Buy” and an average price target of $74.90.

Credo Technology Group Stock Down 14.0 %

Shares of CRDO stock opened at $46.73 on Wednesday. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $86.69. The stock has a market cap of $7.82 billion, a P/E ratio of -311.53 and a beta of 2.09. The business has a fifty day simple moving average of $69.80 and a 200-day simple moving average of $52.16.

Insider Activity

In other news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total value of $265,034.70. Following the transaction, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at $45,640,933.38. The trade was a 0.58 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Pantas Sutardja sold 21,041 shares of Credo Technology Group stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $68.19, for a total value of $1,434,785.79. Following the completion of the transaction, the director now directly owns 5,904,277 shares in the company, valued at $402,612,648.63. This represents a 0.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,190,496 shares of company stock valued at $82,695,512 in the last three months. Corporate insiders own 16.04% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Several hedge funds have recently modified their holdings of CRDO. Creative Planning purchased a new stake in shares of Credo Technology Group during the 3rd quarter valued at about $359,000. US Bancorp DE increased its holdings in Credo Technology Group by 4.2% during the 3rd quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after purchasing an additional 649 shares during the last quarter. Hanseatic Management Services Inc. purchased a new stake in Credo Technology Group during the 3rd quarter worth approximately $578,000. Principal Financial Group Inc. increased its holdings in Credo Technology Group by 22.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,993,968 shares of the company’s stock worth $61,415,000 after purchasing an additional 368,518 shares during the last quarter. Finally, Assetmark Inc. increased its holdings in Credo Technology Group by 5.4% during the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock worth $153,000 after purchasing an additional 257 shares during the last quarter. 80.46% of the stock is currently owned by hedge funds and other 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.