The Goldman Sachs Group Forecasts Strong Price Appreciation for Credo Technology Group (NASDAQ:CRDO) Stock

Credo Technology Group (NASDAQ:CRDO) had its price objective hoisted by The Goldman Sachs Group from $65.00 to $84.00 in a research note published on Friday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities analysts have also recently weighed in on CRDO. TD Cowen boosted their price objective on Credo Technology Group from $45.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Barclays increased their price objective on Credo Technology Group from $32.00 to $80.00 and gave the company an “overweight” rating in a research report on Tuesday, December 3rd. Craig Hallum boosted their target price on shares of Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a research report on Tuesday, December 3rd. Bank of America raised shares of Credo Technology Group from an “underperform” rating to a “buy” rating and increased their price target for the company from $27.00 to $80.00 in a report on Tuesday, December 3rd. Finally, Needham & Company LLC boosted their price objective on shares of Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $75.40.

Credo Technology Group Price Performance

Credo Technology Group stock opened at $73.80 on Friday. Credo Technology Group has a fifty-two week low of $16.82 and a fifty-two week high of $78.97. The firm has a fifty day moving average price of $59.24 and a two-hundred day moving average price of $41.18. The firm has a market cap of $12.34 billion, a price-to-earnings ratio of -492.00 and a beta of 2.11.

Insider Activity

In other Credo Technology Group news, CFO Daniel W. Fleming sold 3,790 shares of Credo Technology Group stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $69.93, for a total transaction of $265,034.70. Following the completion of the transaction, the chief financial officer now directly owns 652,666 shares of the company’s stock, valued at approximately $45,640,933.38. This trade represents a 0.58 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lip Bu Tan sold 15,281 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $39.05, for a total transaction of $596,723.05. Following the completion of the sale, the director now owns 1,748,444 shares in the company, valued at $68,276,738.20. This represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 890,295 shares of company stock worth $57,729,123. Corporate insiders own 16.04% of the company’s stock.

Hedge Funds Weigh In On Credo Technology Group

Institutional investors have recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd acquired a new stake in shares of Credo Technology Group during the third quarter worth approximately $3,948,000. Wellington Management Group LLP increased its holdings in Credo Technology Group by 32.7% during the 3rd quarter. Wellington Management Group LLP now owns 2,863,245 shares of the company’s stock valued at $88,188,000 after purchasing an additional 705,512 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Credo Technology Group by 9.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,136,557 shares of the company’s stock valued at $35,006,000 after purchasing an additional 95,335 shares in the last quarter. Centiva Capital LP bought a new position in Credo Technology Group in the 3rd quarter valued at $553,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Credo Technology Group by 94.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 243,719 shares of the company’s stock worth $7,507,000 after purchasing an additional 118,169 shares in the last quarter. 80.46% of the stock is owned by 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.