Credo Technology Group (NASDAQ:CRDO) Price Target Raised to $31.00 at The Goldman Sachs Group

Credo Technology Group (NASDAQ:CRDO) had its target price hoisted by The Goldman Sachs Group from $26.00 to $31.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a buy rating on the stock.

CRDO has been the subject of a number of other research reports. Craig Hallum upped their price target on Credo Technology Group from $30.00 to $38.00 and gave the stock a buy rating in a report on Thursday. Barclays lifted their price target on shares of Credo Technology Group from $30.00 to $32.00 and gave the company an overweight rating in a research note on Thursday. Roth Mkm lifted their price target on Credo Technology Group from $30.00 to $35.00 and gave the stock a buy rating in a research note on Thursday. TD Cowen increased their price objective on Credo Technology Group from $35.00 to $40.00 and gave the company a buy rating in a research note on Monday, July 15th. Finally, Bank of America lifted their target price on shares of Credo Technology Group from $25.00 to $27.00 and gave the stock an underperform rating in a research note on Thursday. One analyst has rated the stock with a sell rating and eight have given a buy rating to the stock. According to data from MarketBeat, Credo Technology Group presently has an average rating of Moderate Buy and a consensus price target of $34.00.

Credo Technology Group Stock Performance

CRDO opened at $24.38 on Friday. The company has a fifty day moving average of $30.53 and a two-hundred day moving average of $24.86. The stock has a market capitalization of $4.03 billion, a price-to-earnings ratio of -135.44 and a beta of 2.26. Credo Technology Group has a fifty-two week low of $13.38 and a fifty-two week high of $36.80.

Insider Transactions at Credo Technology Group

In other Credo Technology Group news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $32.06, for a total transaction of $1,763,300.00. Following the transaction, the chief technology officer now directly owns 9,113,602 shares of the company’s stock, valued at $292,182,080.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $28.21, for a total value of $282,100.00. Following the sale, the chief operating officer now directly owns 3,130,945 shares of the company’s stock, valued at approximately $88,323,958.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Chi Fung Cheng sold 55,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $32.06, for a total transaction of $1,763,300.00. Following the transaction, the chief technology officer now directly owns 9,113,602 shares of the company’s stock, valued at approximately $292,182,080.12. The disclosure for this sale can be found here. Insiders have sold a total of 892,310 shares of company stock worth $27,376,087 in the last quarter. Company insiders own 23.89% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRDO. Wellington Management Group LLP purchased a new stake in shares of Credo Technology Group in the 4th quarter valued at $35,224,000. Vanguard Group Inc. grew its position in Credo Technology Group by 11.3% in the 4th quarter. Vanguard Group Inc. now owns 13,991,480 shares of the company’s stock valued at $272,414,000 after acquiring an additional 1,420,664 shares in the last quarter. TimesSquare Capital Management LLC purchased a new stake in Credo Technology Group during the first quarter worth about $22,535,000. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Credo Technology Group by 290.9% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,184,344 shares of the company’s stock worth $25,096,000 after purchasing an additional 881,344 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new position in shares of Credo Technology Group in the first quarter valued at approximately $17,847,000. 80.46% of the stock is currently owned by institutional investors and hedge funds.

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.