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

Credo Technology Group (NASDAQ:CRDO) had its price objective raised by equities researchers at The Goldman Sachs Group from $26.00 to $31.00 in a report issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective points to a potential upside of 26.63% from the stock’s current price.

A number of other equities analysts have also commented on the company. Stifel Nicolaus increased their price target on Credo Technology Group from $36.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday. Craig Hallum upped their price objective on Credo Technology Group from $30.00 to $38.00 and gave the company a “buy” rating in a research report on Thursday. Roth Mkm lifted their target price on Credo Technology Group from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Thursday. Bank of America increased their price target on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a report on Thursday. Finally, TD Cowen lifted their price objective 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. One research analyst has rated the stock with a sell rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Credo Technology Group has an average rating of “Moderate Buy” and an average price target of $34.00.

Credo Technology Group Trading Down 8.1 %

CRDO traded down $2.17 on Friday, hitting $24.48. 3,549,645 shares of the company’s stock traded hands, compared to its average volume of 2,192,183. Credo Technology Group has a one year low of $13.38 and a one year high of $36.80. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of -136.00 and a beta of 2.23. The company’s 50 day simple moving average is $30.63 and its 200-day simple moving average is $24.84.

Insider Transactions at Credo Technology Group

In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on 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 completion of the sale, the chief technology officer now owns 9,113,602 shares of the company’s stock, valued at $292,182,080.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction dated 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 completion of the sale, the chief technology officer now directly owns 9,113,602 shares in the company, valued at $292,182,080.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $27.67, for a total transaction of $276,700.00. Following the transaction, the chief operating officer now owns 2,807,777 shares in the company, valued at $77,691,189.59. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 892,310 shares of company stock worth $27,376,087. Insiders own 23.89% of the company’s stock.

Institutional Trading of Credo Technology Group

A number of hedge funds have recently bought and sold shares of the stock. Fifth Third Bancorp grew its stake in Credo Technology Group by 59.3% in the second quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock valued at $34,000 after purchasing an additional 400 shares during the last quarter. CWM LLC boosted its holdings in shares of Credo Technology Group by 78.1% in the 2nd quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after buying an additional 594 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new position in shares of Credo Technology Group in the 2nd quarter worth approximately $29,000. Advisors Asset Management Inc. raised its stake in shares of Credo Technology Group by 47.6% during the 1st quarter. Advisors Asset Management Inc. now owns 3,811 shares of the company’s stock worth $81,000 after acquiring an additional 1,229 shares in the last quarter. Finally, Assetmark Inc. boosted its stake in Credo Technology Group by 30.1% in the fourth quarter. Assetmark Inc. now owns 5,460 shares of the company’s stock valued at $106,000 after acquiring an additional 1,263 shares in the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

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.