Credo Technology Group (NASDAQ:CRDO) Price Target Increased to $38.00 by Analysts at Craig Hallum

Credo Technology Group (NASDAQ:CRDO) had its price objective increased by Craig Hallum from $30.00 to $38.00 in a research note released on Thursday, Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also commented on the stock. Barclays boosted 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. TD Cowen upped their target price on shares of Credo Technology Group from $35.00 to $40.00 and gave the stock a buy rating in a research note on Monday, July 15th. Needham & Company LLC upped their target price on shares of Credo Technology Group from $29.00 to $33.00 and gave the stock a buy rating in a research note on Thursday. Roth Mkm upped their target price on shares of Credo Technology Group from $30.00 to $35.00 and gave the stock a buy rating in a research note on Thursday. Finally, Bank of America reiterated an underperform rating and issued a $22.00 target price (up previously from $21.00) on shares of Credo Technology Group in a research note on Thursday, May 30th. One research analyst has rated the stock with a sell rating and eight have given a buy rating to the company. According to MarketBeat.com, Credo Technology Group presently has an average rating of Moderate Buy and a consensus target price of $34.00.

Credo Technology Group Trading Down 8.5 %

Shares of CRDO stock opened at $24.38 on Thursday. The firm has a market capitalization of $4.03 billion, a PE ratio of -135.44 and a beta of 2.26. The firm has a fifty day simple moving average of $30.38 and a two-hundred day simple moving average of $24.92. Credo Technology Group has a 12 month low of $13.38 and a 12 month high of $36.80.

Insider Buying and Selling

In related news, COO Yat Tung Lam sold 10,000 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $28.21, for a total value of $282,100.00. Following the transaction, the chief operating officer now directly owns 3,130,945 shares of the company’s stock, valued at approximately $88,323,958.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Credo Technology Group news, Director Lip Bu Tan sold 245,438 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $32.67, for a total transaction of $8,018,459.46. Following the sale, the director now directly owns 2,863,725 shares of the company’s stock, valued at $93,557,895.75. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Yat Tung Lam sold 10,000 shares of the company’s stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $28.21, for a total transaction of $282,100.00. Following the sale, the chief operating officer now directly owns 3,130,945 shares in the company, valued at $88,323,958.45. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 892,310 shares of company stock valued at $27,376,087. 23.89% of the stock is owned by insiders.

Institutional Investors Weigh In On Credo Technology Group

Several institutional investors have recently added to or reduced their stakes in CRDO. Algert Global LLC bought a new stake in shares of Credo Technology Group during the second quarter valued at about $622,000. Driehaus Capital Management LLC increased its position in shares of 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 buying an additional 115,271 shares during the period. Scientech Research LLC bought a new stake in shares of Credo Technology Group during the second quarter valued at about $1,297,000. The Manufacturers Life Insurance Company increased its position in shares of Credo Technology Group by 27.2% during the second quarter. The Manufacturers Life Insurance Company now owns 1,697,723 shares of the company’s stock valued at $54,225,000 after buying an additional 362,634 shares during the period. Finally, Millennium Management LLC increased its position in shares of Credo Technology Group by 20.5% during the second quarter. Millennium Management LLC now owns 1,470,970 shares of the company’s stock valued at $46,983,000 after buying an additional 250,027 shares during the period. 80.46% of the stock is owned by hedge funds and other institutional investors.

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.