Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $27.00 at Bank of America

Credo Technology Group (NASDAQ:CRDO) had its price target boosted by Bank of America from $25.00 to $27.00 in a research report released on Thursday, Benzinga reports. Bank of America currently has an underperform rating on the stock.

Several other analysts also recently weighed in on CRDO. TD Cowen lifted their target price on shares of Credo Technology Group from $35.00 to $40.00 and gave the company a buy rating in a report on Monday, July 15th. Stifel Nicolaus lifted their price objective on Credo Technology Group from $36.00 to $40.00 and gave the company a buy rating in a report on Tuesday, September 3rd. Needham & Company LLC increased their target price on Credo Technology Group from $29.00 to $33.00 and gave the stock a buy rating in a research note on Thursday. Craig Hallum lifted their price target on Credo Technology Group from $30.00 to $38.00 and gave the company a buy rating in a research note on Thursday. Finally, Roth Mkm increased their price objective on Credo Technology Group from $30.00 to $35.00 and gave the stock a buy rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus price target of $34.00.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $24.38 on Thursday. The business has a 50 day simple moving average of $30.38 and a 200-day simple moving average of $24.89. Credo Technology Group has a 12 month low of $13.38 and a 12 month high of $36.80. The stock has a market capitalization of $4.03 billion, a PE ratio of -135.44 and a beta of 2.26.

Insider Transactions at Credo Technology Group

In related news, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $32.06, for a total value of $1,763,300.00. Following the sale, the chief technology officer now directly owns 9,113,602 shares of the company’s stock, valued at approximately $292,182,080.12. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $32.06, for a total value of $1,763,300.00. Following the sale, the chief technology officer now directly owns 9,113,602 shares in the company, valued at $292,182,080.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lip Bu Tan sold 45,476 shares of the company’s stock in a transaction dated Friday, July 5th. The shares were sold at an average price of $31.76, for a total transaction of $1,444,317.76. Following the completion of the transaction, the director now owns 39,736 shares in the company, valued at $1,262,015.36. The disclosure for this sale can be found here. Insiders sold 892,310 shares of company stock valued at $27,376,087 in the last 90 days. 23.89% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CRDO. Arcadia Investment Management Corp MI acquired a new position in Credo Technology Group in the second quarter valued at $29,000. Fifth Third Bancorp increased its stake in shares of Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after acquiring an additional 400 shares during the last quarter. CWM LLC increased its position in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock worth $43,000 after purchasing an additional 594 shares during the last quarter. Ulland Investment Advisors LLC purchased a new position in shares of Credo Technology Group in the 1st quarter worth $29,000. Finally, Cranbrook Wealth Management LLC acquired a new position in shares of Credo Technology Group in the 2nd quarter valued at about $51,000. Hedge funds and other institutional investors own 80.46% of the company’s stock.

About Credo Technology Group

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.